Macy’s Raises Full Year Outlook After Strong Q2 — Says Inventories ‘Well-Positioned’ Heading Into Second Half Of 2026

Macy’s raised its fiscal 2026 outlook after comparable sales grew across all three nameplates, led by record second-quarter sales volume at Bloomingdale’s.

• Company-wide comparable sales rose 2.7% year on year, marking the fifth consecutive quarter of growth.
• Macy’s raised its FY26 sales, comparable-sales, EBITDA margin and EPS guidance.
• Net sales increased 1.1% to $4.9 billion, while adjusted diluted earnings per share came in at $0.63. 

Macy’s Inc. (M) reported stronger-than-expected fiscal second-quarter results on Thursday and raised its full-year outlook as comparable sales remained positive across Macy’s, Bloomingdale’s and Bluemercury.

Net sales increased 1.1% to $4.9 billion, while adjusted diluted earnings per share (EPS) came in at $0.63. Fiscal.ai consensus estimates showed roughly $4.81 billion in net sales and $0.37 in adjusted EPS, implying beats of about 1.2% and 70%, respectively.

The EPS figure included a $0.23 net tariff refund benefit. Excluding that benefit, adjusted EPS was $0.40, still above the Fiscal.ai estimate.

Record Q2 Sales For Bloomingdale's

Macy’s comparable sales rose 1.1%, including 1.9% growth at Reimagine 200 locations. However, Bloomingdale’s was the standout, with comparable sales rising 11.3% and reaching the highest second-quarter sales volume in the brand’s history. Bluemercury comparable sales increased 6.2%.

The company-wide comparable sales rose 2.7% year on year, marking the fifth consecutive quarter of growth.

CEO Tony Spring said the results reflected continued progress under Macy’s Bold New Chapter strategy, including the performance of Reimagine 200 locations and growth at its luxury nameplates.

Inventories ‘Well-Positioned’ Heading Into Second Half of 2026

Merchandise inventories increased 2.5% year over year, but Macy’s said both their composition and level are “well-positioned” heading into the second half of 2026. 

The company's gross margin expanded 180 basis points to 41.5%. Excluding the tariff-refund benefit and accounting for ongoing tariff and fuel costs, gross margin was up 10 basis points.

Macy’s Raises FY26 Guidance

Macy’s lifted its FY26 net sales forecast to $21.675 billion to $21.825 billion from $21.5 billion to $21.75 billion. Comparable sales are now expected to rise 1.0% to 1.5%, up from 0.5% to 1.2%.

Adjusted EPS guidance has also been increased from $2.00 to $2.20 to $2.15 to $2.35, while adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) margin guidance rose to 7.8% to 8.0% from 7.7% to 7.9% earlier.

What Retail Investors Think About Macy's Stock?

Retail sentiment for Macy’s on Stocktwits turned ‘bullish’ from ‘neutral’ amid 'high' message volume. 

Macy's (M) stock was trading down about 3% in Thursday's premarket at the time of this writing. The stock has fallen 5.4% so far this year but is up 26% in the last 12 months.

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