Bloomingdale’s Boosts Macy’s First-Quarter Results
On June 3, Macy’s, Inc. reported its financial results for the first quarter of fiscal 2026, ended May 2, 2026. The company posted net sales of $4.68 billion, up 1.8% year-over-year, while comparable sales increased 3.0%. Growth across all three of its nameplates contributed to the stronger-than-expected performance, prompting Macy’s to raise its full-year outlook.
Summary
- Macy’s reported first-quarter net sales of $4.68 billion, up 1.8% year-over-year.
- Comparable sales increased 3.0%, with growth across all three nameplates.
- Bloomingdale’s delivered a 10.2% comparable sales increase and achieved a record first quarter.
- Net income rose to $63 million, compared with $38 million in the prior-year period.
- Macy’s raised its full-year net sales and adjusted EPS guidance for fiscal 2026.
Luxury Businesses Continue to Outperform
One of the key highlights of the quarter was the continued strength of Macy’s luxury businesses. Bloomingdale’s delivered a record first-quarter performance, while luxury beauty retailer Bluemercury maintained solid momentum.
Tony Spring, Chairman and Chief Executive Officer of Macy’s, Inc., said: “We’re off to a strong start to the year, exceeding expectations for the fifth consecutive quarter as our Bold New Chapter strategy continues to build momentum. Customers are responding – driving comparable sales growth at Macy’s and another standout quarter at Bloomingdale’s, underscoring its leadership in modern luxury. We’re operating with discipline and focusing on what matters most – our customers.”
Comparable Sales Growth Across All Nameplates
Macy’s, Inc. reported comparable sales growth of 3.0% during the quarter. On a go-forward basis, excluding store closures, comparable sales increased 3.1%, exceeding the company’s expectations.
At the Macy’s banner, comparable sales increased 1.6%. The company’s Reimagine 200 locations, which continue to receive targeted investments and operational enhancements, posted comparable sales growth of 2.4%.
Bloomingdale’s delivered a 10.2% increase in comparable sales, marking its seventh consecutive quarter of growth. Bluemercury reported comparable sales growth of 6.4%, reflecting continued demand in the prestige beauty category.
Credit Card Business Supports Revenue Growth
Total revenue for the quarter reached $4.89 billion, up from $4.79 billion in the prior-year period.
Other revenue increased 8.2% to $210 million. Within that category, net credit card revenue rose 11.7% to $172 million, supported by the strength of the company’s credit portfolio.
Meanwhile, Macy’s Media Network generated $38 million in net revenue, down 5.0% year-over-year, primarily due to the timing of advertising spending.
Profit Growth Despite Margin Pressure
Gross margin was 38.9%, down 30 basis points from 39.2% in the first quarter of 2025. According to the company, the decline was primarily attributable to tariffs, and gross margin would have been flat year-over-year excluding that impact.
Operating income increased to $112 million from $94 million in the prior-year quarter.
Net income rose to $63 million, compared with $38 million a year earlier, representing an increase of approximately 66%. Diluted earnings per share improved to $0.23 from $0.13 in the prior year.
Adjusted diluted EPS came in at $0.13, exceeding the company’s guidance.
Maintaining a Strong Balance Sheet and Shareholder Returns
Macy’s ended the quarter with $1.29 billion in cash and cash equivalents. Total debt stood at $2.43 billion, with no significant long-term debt maturities until 2030.
Inventory increased 3.6% year-over-year, which the company believes positions it appropriately for the summer selling season.
During the quarter, Macy’s returned $50 million to shareholders through dividends and repurchased approximately 2.6 million shares for $50 million.
Full-Year Guidance Raised
Following the strong start to the year, Macy’s raised its fiscal 2026 outlook.
The company now expects net sales of $21.5 billion to $21.75 billion, compared with its previous guidance range of $21.4 billion to $21.65 billion.
Comparable sales guidance was also raised to a range of 0.5% to 1.2%, up from the previous range of negative 0.5% to positive 0.5%.
In addition, Macy’s increased its adjusted diluted EPS outlook to $2.00–$2.20, compared with its previous guidance of $1.90–$2.10.
While acknowledging ongoing uncertainty surrounding tariffs, macroeconomic conditions, and consumer spending, the company said it will continue investing in its Reimagine 200 locations and luxury businesses as part of its long-term growth strategy.
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