Macy's, Inc. Q2 2026 Earnings Recap

Macy’s delivered a mixed but broadly in-line quarter, with a 2.6% post-earnings stock gain indicating limited investor enthusiasm despite management’s positive framing. Comparable sales rose 2.7%, led by Bloomingdale’s, while the core Macy’s nameplate grew only 1.1%; adjusted EPS also benefited from tariff refunds.

Key Takeaways

• Macy’s Inc. comparable sales increased 2.7%, or 2.8% on a go-forward basis, marking the fifth consecutive quarter of growth.
• The Macy’s nameplate posted a modest 1.1% comp increase; the 200 Reimagined stores performed better, with 1.9% comp growth.
• Bloomingdale’s delivered double-digit comparable sales growth for the second consecutive quarter and its best second-quarter sales volume on record.
• Adjusted EPS was $0.63; excluding the net tariff-refund benefit, EPS was 14% above the prior year and above the high end of guidance.
• Customer and digital initiatives continued to support results, including marketplace expansion, new brand launches, and the rollout of the AI-powered AskMacy’s shopping assistant.