Macy's falls as downbeat quarterly outlook clouds annual forecast boost

Macy's

10/09/2026 15:00

Updates
** Shares of Macy's M.N drop ~3% to $20.96 in early trading
** Department store's bigger-than-expected loss forecast for the current quarter, driven by increased store investments tied to turnaround plans, overshadows its raised annual targets
** Macy's expects Q3 adjusted loss of 19 cents to 23 cents per share, compared with analysts' estimates of a 6-cent loss - data compiled by LSEG
** Raises fiscal 2026 net sales estimates to $21.68 billion to $21.83 billion, from $21.50 billion to $21.75 billion earlier
** Sees adj. EPS of $2.15 to $2.35 vs prior target of $2 to $2.20 
** Also beats Q2 sales and profit estimates
** Investors could be worried that economic conditions are affecting Macy's and forcing it to spend more to maintain sales - Morningstar analyst David Swartz
** As of last close, stock down ~2% YTD

 (Reporting by Shania S Thomas in Bengaluru)
 ((shanias.thomas@thomsonreuters.com))