Macy’s Q2 2026 earnings reflected broad-based progress across the business, prompting the department store to raise its full-year outlook as its turnaround gains traction.
The company said overall comparable sales increased 2.7 percent in the fiscal second quarter, with its Macy’s-branded stores up 1.1 percent. Executives credited the lift to reimagined stores, locations that have been overhauled as a core element of the turnaround strategy.
Bloomingdale’s comparable sales advanced 11.3 percent, and Bluemercury rose 6.2 percent. Chief Executive Tony Spring said the higher-end banner has benefited from staying accessible while differentiating for upscale shoppers, and that refreshed Macy’s stores are showing improved assortments, stronger visual presentations, and more customer assistance.
Macy’s Q2 2026 earnings and updated guidance
The retailer raised its full-year net sales outlook to a range of 21.68 billion dollars to 21.83 billion dollars, compared with a prior forecast of 21.5 billion dollars to 21.75 billion dollars. The company also lifted its comparable sales growth projection to 1 percent to 1.5 percent, up from 0.5 percent to 1.2 percent.
Macy’s increased its full-year earnings per share forecast to 2.15 dollars to 2.35 dollars, from 2.00 dollars to 2.20 dollars. The guidance includes roughly a 5-cent per-share benefit tied to tariff repayments recorded in the period.
The company reported receiving 116 million dollars in tariff refunds and plans to invest about 96 million dollars of that into customer experience and turnaround initiatives. Spring said the preference is to allocate the funds to lasting improvements rather than temporary price cuts. A small portion of the refunds is being held back amid uncertainty around fuel costs.
Quarterly results versus expectations
- Earnings per share: 40 cents adjusted, compared with 37 cents expected based on an analyst survey by LSEG
- Revenue: 4.87 billion dollars, versus 4.83 billion dollars expected
Net income was 169 million dollars, or 62 cents per share, up from 87 million dollars, or 31 cents per share, a year earlier. On an adjusted basis, earnings per share were 40 cents. Revenue edged up to approximately 4.87 billion dollars from 4.81 billion dollars in the prior-year quarter.
Credit card revenue increased 2 percent, or 3 million dollars, which the company attributed to a healthy credit portfolio and stable net credit losses.
Spring said the retailer continues to see a split in spending patterns by income group. He noted that shoppers with more discretionary income are eager to engage with fashion, while those managing tighter budgets are leaning into value and off-price options.
Macy’s is approaching the conclusion of a three-year turnaround plan under Spring that focuses on reigniting growth and investing in higher-performing locations amid a difficult environment for department stores. Despite the improved results and outlook, shares fell nearly 5 percent on Thursday, even as broader market gauges such as the S&P 500 remain in focus for retail investors.
Despite the sector’s challenges, Bloomingdale’s continues to serve higher-end shoppers whose spending has helped support the company’s overall performance.