AI Earnings Predictions for Macy's Inc (M)

EX-99.1

2 m-20260910xexx991.htm

EX-99.1

Document

Exhibit 99.1

Macy’s, Inc. Reports Strong Second Quarter 2026 Results With Continued Growth Across All Nameplates

Macy’s, Inc. delivered 2.7% comparable sales growth, exceeded its expectations across all key metrics and

raised its full-year top- and bottom-line guidance

Macy’s comparable sales rose for the fifth consecutive quarter, led by Reimagine 200 stores

Bloomingdale’s delivered second consecutive quarter of double-digit comparable sales growth and its highest second-quarter sales volume

GAAP EPS was up 100%; Adjusted EPS was up 14% excluding net tariff refund benefit versus last year

NEW YORK—September 10, 2026— Macy’s, Inc. (NYSE: M) today reported financial results for the second quarter 2026 and raised its annual guidance.

Second Quarter 2026 Highlights

•Macy’s, Inc. net sales of $4.9 billion increased 1.1% versus last year.

•Macy’s, Inc. comparable sales1 rose 2.7%, with go-forward1,2 comparable sales up 2.8%.

•Macy’s comparable sales rose 1.1%, with a 1.9% increase for Reimagine 200 stores.

•Bloomingdale’s comparable sales increased 11.3% and achieved its highest second-quarter sales volume in the brand’s history.

•Bluemercury comparable sales increased 6.2%.

•GAAP diluted EPS was $0.62, up 100%; Adjusted diluted EPS was $0.63, up 14% versus last year excluding a $0.23 net tariff refund benefit.

“Our second-quarter performance builds on the progress our colleagues have consistently delivered through our Bold New Chapter strategy,” said Tony Spring, chairman and chief executive officer of Macy’s, Inc. “The investments we're making are driving results across our portfolio, from the continued outperformance of our Reimagine 200 Macy’s stores, to meaningful double-digit growth at Bloomingdale’s and another solid quarter at Bluemercury. As we enter the second half of the year, we remain focused on scaling what is resonating most with customers – exciting brands and assortments and compelling events and experiences. Combined with disciplined execution, we expect these efforts to continue to build a durable foundation for sustainable, profitable growth.”

Second Quarter 2026 Results1 (comparisons are to the second quarter of 2025)

Macy’s, Inc. net sales increased 1.1% to $4.9 billion. Net sales grew 1.9% excluding the impact of fiscal 2025 store closures.3

Macy’s, Inc. comparable sales rose 2.7% and were positive at each of the company’s nameplates.

Macy’s, Inc. go-forward1,2 business comparable sales increased 2.8%. By nameplate:

•Macy’s comparable sales grew 1.1%.

◦Reimagine 200 locations comparable sales rose 1.9%.

•Bloomingdale’s comparable sales grew 11.3%.

•Bluemercury comparable sales increased 6.2%.

Other revenue of $193 million increased $6 million, or 3.2%. Within other revenue:

1

•Credit card net revenues increased $3 million, or 2.0%, to $156 million, supported by the company’s healthy credit portfolio and stable net credit card losses.

•Macy’s Media Network net revenue increased $3 million, or 8.8%, to $37 million, reflecting partner engagement on the company’s advertising platform.

Gross margin rate of 41.5% increased 180 basis points. Excluding a 180 basis point benefit from net tariff refunds, partially offset by a 10 basis point headwind from ongoing tariff and fuel costs, gross margin rate was up 10 basis points.

Selling, general and administrative (“SG&A”) expense as a percent of total revenue decreased 20 basis points to 38.7%. SG&A expense of $1.96 billion increased $16 million, reflecting higher variable costs driven by net sales growth as well as the company’s investments in Bold New Chapter initiatives, partially offset by continued cost management efforts.

GAAP net income was $169 million, or 3.3% of total revenue, and Adjusted net income was $170 million, or 3.4% of total revenue. In the second quarter of 2025, net income was $87 million, or 1.7% of total revenue, and Adjusted net income was $98 million, or 2.0% of total revenue.

GAAP and Adjusted diluted EPS were $0.62 and $0.63, respectively. These include a gross tariff refund benefit, less investments back into the business, resulting in a net tariff refund benefit of $0.23 in the quarter. In the second quarter of 2025, GAAP and Adjusted diluted EPS were $0.31 and $0.35, respectively.

Adjusted earnings before interest, taxes, and depreciation and amortization (“EBITDA”) was $457 million, or 9.0% of total revenue. In the second quarter of 2025, Adjusted EBITDA was $373 million, or 7.5% of total revenue.

Balance Sheet and Liquidity

Merchandise inventories increased 2.5% year-over-year. The company believes the composition and level of inventories are well-positioned heading into the second half of 2026.

The company ended the second quarter of 2026 with cash and cash equivalents of $1.3 billion versus $0.8 billion last year and had $2.0 billion of available borrowing capacity under its asset-based credit facility.

As of the end of the second

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