The Investor
10 Sep 2026, 15:34
Macy’s Stock Falls 3% Despite Strong Q2 Results and Raised 2026 Guidance
Macy’s shares fell about 3% Thursday despite the retailer reporting stronger second-quarter results and raising its full-year outlook. Net sales increased 1.1% year over year to $4.9 billion, while comparable sales rose 2.7%, marking positive growth across all three of the company’s nameplates.
Bloomingdale’s was the standout performer, with comparable sales jumping 11.3% to a record second-quarter sales volume, while Bluemercury grew 6.2%. Macy’s comparable sales increased a more modest 1.1%.
GAAP EPS doubled to $0.62, while adjusted EPS reached $0.63. However, results received a significant boost from tariff refunds, which contributed a net $0.23 per share. Gross margin expanded 180 basis points to 41.5%, but excluding the tariff-refund benefit and ongoing tariff and fuel costs, the improvement was only 10 basis points.
Macy’s nevertheless raised its fiscal 2026 outlook. Net sales are now expected at $21.675 billion to $21.825 billion, compared with $21.5 billion to $21.75 billion previously. Adjusted EPS guidance increased to $2.15–$2.35 from $2.00–$2.20, while comparable sales are projected to rise 1.0%–1.5%.
The stock’s decline suggests investors are looking beyond the headline earnings growth, with much of the quarter’s margin and EPS improvement tied to tariff refunds and Macy’s continuing to acknowledge macroeconomic and geopolitical risks to discretionary consumer spending.
Macy’s shares fell about 3% Thursday despite the retailer reporting stronger second-quarter results and raising its full-year outlook. Net sales increased 1.1% year over year to $4.9 billion, while comparable sales rose 2.7%, marking positive growth across all three of the company’s nameplates.
Bloomingdale’s was the standout performer, with comparable sales jumping 11.3% to a record second-quarter sales volume, while Bluemercury grew 6.2%. Macy’s comparable sales increased a more modest 1.1%.
GAAP EPS doubled to $0.62, while adjusted EPS reached $0.63. However, results received a significant boost from tariff refunds, which contributed a net $0.23 per share. Gross margin expanded 180 basis points to 41.5%, but excluding the tariff-refund benefit and ongoing tariff and fuel costs, the improvement was only 10 basis points.
Macy’s nevertheless raised its fiscal 2026 outlook. Net sales are now expected at $21.675 billion to $21.825 billion, compared with $21.5 billion to $21.75 billion previously. Adjusted EPS guidance increased to $2.15–$2.35 from $2.00–$2.20, while comparable sales are projected to rise 1.0%–1.5%.
The stock’s decline suggests investors are looking beyond the headline earnings growth, with much of the quarter’s margin and EPS improvement tied to tariff refunds and Macy’s continuing to acknowledge macroeconomic and geopolitical risks to discretionary consumer spending.
