Macy's, Inc. Q2 2026 Earnings Recap

Shares fell 4.7% after earnings, despite positive sales and comp growth. The transcript points to a potential concern in the quality of earnings: adjusted EPS benefited from tariff refunds, and without that benefit it was 14% above last year; the excerpt does not provide updated guidance or other results that explain the full market reaction.

Key Takeaways

• Macy’s Inc. comparable sales rose 2.7%; on a go-forward basis, they increased 2.8%.
• Adjusted EPS was $0.63, including a net benefit from tariff refunds. Excluding that benefit, EPS was 14% above the prior year and above the high end of guidance.
• Macy’s comparable sales increased 1.1%, its fifth consecutive quarter of growth; the 200 Reimagined stores grew 1.9%.
• Bloomingdale’s posted double-digit comparable sales growth for a second consecutive quarter, while Bluemercury also reported comparable sales growth.
• The excerpt does not include updated full-year guidance, limiting what can be concluded about the outlook.