New York, June 3, 2026, 10:06 EDT
- Macy’s lifted its 2026 sales and adjusted profit targets after comparable sales were up 3.0% in the first quarter.
- The stock traded at $21.68 early in New York, little changed after hitting $23.01 earlier in the session.
- Bloomingdale’s led this quarter, with comparable sales rising 10.2%. Macy’s pointed to tariffs, fuel costs and pressure on shoppers as risks.
Macy’s stock barely moved Wednesday. The retailer lifted its full-year forecasts and reported its first quarterly sales growth in close to four years. Its higher-end turnaround is making progress, but the update wasn’t enough to spark a rally in the shares.
Shares changed hands at $21.68, up roughly 0.05% from the last close, after touching an intraday high of $23.01. The uptick lagged an earlier premarket gain. SPDR S&P Retail ETF slipped around 1.0% as Kohl’s dropped almost 2.0% and Dillard’s edged down 0.2%.
Investors are watching this report because Macy’s needs to show it can grow without just shutting down stores or cutting expenses. Comparable sales were up 3.0%, the best first quarter in four years and the fourth quarter in a row showing gains.
Macy’s now expects fiscal 2026 net sales between $21.50 billion and $21.75 billion, up from its earlier view of $21.40 billion to $21.65 billion. The company also took up its guidance for adjusted diluted earnings per share to a range of $2.00 to $2.20, compared with the old range of $1.90 to $2.10.
Net sales came in at $4.68 billion, up 1.8%, and ahead of the $4.61 billion expected by analysts, LSEG data cited by Reuters showed. Adjusted earnings hit 13 cents per share, beating the forecast for 3 cents.
Macy’s CEO Tony Spring said, “We’re off to a strong start to the year,” and noted the retailer was “operating with discipline” and keeping its focus on customers. Bloomingdale’s put up record first-quarter sales. Comparable sales rose 10.2% at Bloomingdale’s, climbed 6.4% at Bluemercury, and were up 1.6% for Macy’s itself. Macy’s, Inc.
Macy’s middle- and upper-income shoppers “remained resilient” over the quarter, CEO Spring told analysts on the call. “When the product and the experience are differentiated and compelling, engagement and spend increase,” Spring said. Reuters
Macy’s luxury business is still strong, and the company’s investments are making a difference, Morningstar analyst David Swartz told Reuters.
Luxury is the focus of the competition too. Bloomingdale’s has held up as other high-end department stores have struggled. Some retail analysts told the Associated Press that Bloomingdale’s gains are linked to the Chapter 11 bankruptcy at Saks Global, which owns Saks Fifth Avenue and Neiman Marcus.
Macy’s had a stronger first quarter, but the company isn’t saying the rest of the year will be as smooth. The retailer kept its outlook cautious, citing macroeconomic and geopolitical risks. Reuters said Macy’s sees higher fuel costs this year, but expects lower import tariffs later on to help make up the difference. Gross margin slipped 30 basis points, which Macy’s blamed on tariffs.
Shoppers are still cautious, with Spring telling the Associated Press that furniture sales were underwhelming. Customers are putting off larger buys, while items like prom dresses, men’s shoes, dresses, and fragrances did better.
Macy’s is getting some credit for making changes, but the market isn’t giving it a clean bill yet. The retailer has sped up in luxury, put more money into better stores, and shut down struggling ones as part of its “Bold New Chapter” plan. Still, the stock’s small early move suggests investors want to see more proof the improvements will stick when fuel, tariffs, and tight consumer budgets start to hit the bottom line.
