Macy's Q2 sales slightly beat on Bloomingdale, Reimagine 200 strength

Macy's

10/09/2026 12:05

Overview
U.S. department store operator's Q2 net sales rose 1.1%, slightly beating analyst expectations
Adjusted EPS for Q2 rose 14% yr/yr; company raised full-year sales and EPS guidance
Company repurchased 2.2 mln shares for $50 mln during Q2

Outlook
Macy's sees 2026 net sales of $21.675 bln to $21.825 bln, up from prior forecast
Company expects 2026 comparable sales to rise 1.0% to 1.5%, up from 0.5%-1.2%
Macy's raises 2026 adjusted diluted EPS outlook to $2.15-$2.35 from $2.00-$2.20

Result Drivers
BLOOMINGDALE'S GROWTH - Bloomingdale’s delivered double-digit comparable sales growth and achieved its highest Q2 sales volume
REIMAGINE 200 STORES - Macy’s said its Reimagine 200 store initiative led to a 1.9% increase in comparable sales at those locations
TARIFF REFUND IMPACT - Net tariff refund benefit contributed to gross margin and adjusted EPS in the quarter

Company press release: ID:nBwbCXSF9a

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q2 Sales
Slight Beat*
$4.87 bln
$4.83 bln (9 Analysts)
Q2 EPS
 
$0.62
 
Q2 Net Income
 
$169 mln
 
*Applies to a deviation of less than 1%; not applicable for per-share numbers.

Analyst Coverage
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 3 "strong buy" or "buy", 9 "hold" and 2 "sell" or "strong sell"
The average consensus recommendation for the department stores peer group is "buy."
Wall Street's median 12-month price target for Macy's Inc is $24.00, about 11.6% above its September 9 closing price of $21.51
The stock recently traded at 9 times the next 12-month earnings vs. a P/E of 10 three months ago

Reuters Recommended Reads
Sept 10 - US holiday retail sales growth set to accelerate, Deloitte says
Sept 9 - Footwear retailer Caleres' Q2 sales beat estimates on gains across brands
Sept 9 - Signet Q2 profit beats estimates, boosts buyback to $700 mln

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)