Macy's Beats Q2 Estimates, Raises 2026 Outlook — SkimNews
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- Macy's Q2 same-store sales rose 2.7%, marking the fifth straight quarter of comparable growth and crushing the 0.8% Wall Street estimate, with Bloomingdale's up 11.3% and Bluemercury up 6.2%.
- Macy's beat on both lines: adjusted EPS of $0.63 versus the $0.37 consensus (including a $0.23 boost from tariff refunds) and net sales of $4.87 billion versus the $4.8 billion estimate.
- Macy's collected $116 million in refunds from the IEEPA tariffs the Supreme Court struck down in February, directing $20 million to profits and reinvesting $96 million.
- Macy's raised 2026 guidance for a second straight quarter, now projecting net sales of $21.6 billion to $21.8 billion, same-store sales growth of 1.0% to 1.5%, and adjusted EPS of $2.15 to $2.35.
- Macy's stock fell roughly 2.6% in premarket trading despite the beat, with shares up less than 2% year-to-date against a 12% gain for the S&P 500.
- CEO Tony Spring credited the third year of the "Bold New Chapter" strategy — closing 150 underperforming stores and reinvesting in 350 — plus brand additions like Theory and Free People for the portfolio-wide outperformance.
Why it matters: Macy's is now executing on its turnaround convincingly enough to raise guidance twice in a row, but the stock still fell in premarket despite a 2.7% comp that tripled estimates — a sign investors had already priced in the improvement or were looking past it to a promotional retail landscape where even high-end consumers have turned choosier under macro pressure.
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