Macy’s announced fiscal second quarter results on Thursday that demonstrated broad-based growth across its operating divisions and prompted the company to elevate its financial projections for the full year.
The company reported overall comparable sales increases of 2.7% for the quarter, with its namesake Macy’s brand achieving 1.1% growth. The retailer attributed much of this performance to its reimagined store locations, which have undergone significant renovations as part of a broader turnaround strategy. Bloomingdale’s, the company’s higher-end retail brand, achieved more substantial momentum with comparable sales rising 11.3%, while its beauty-focused Bluemercury unit posted a 6.2% increase.
Following the strong quarterly showing, Macy’s raised its full-year net sales guidance to a range of $21.68 billion to $21.83 billion, compared with prior expectations of $21.5 billion to $21.75 billion. The company also increased its comparable sales outlook to between 1% and 1.5% growth from a previous range of 0.5% to 1.2%. Additionally, Macy’s lifted its full-year earnings per share guidance to $2.15 to $2.35 from $2 to $2.20, which included an estimated 5-cent benefit from tariff refunds.
The company reported net income of $169 million, or 62 cents per share, compared with $87 million, or 31 cents per share, in the prior year quarter. Sales reached approximately $4.87 billion, compared with $4.81 billion in the year-earlier period. Macy’s indicated it had received $116 million in tariff refunds and planned to invest approximately $96 million of that amount toward customer experience improvements and turnaround initiatives rather than temporary price reductions.
Despite the positive results and raised guidance, Macy’s shares declined nearly 5% on Thursday. CEO Tony Spring noted the company was positioned to appeal to consumers across various income levels while navigating bifurcated consumer spending patterns influenced by macroeconomic conditions.
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