Macy's achieved a 3% increase in comparable sales during the first quarter, with a notable 10.2% rise at Bloomingdale's, attributed to a mix of upgraded stores and favorable market conditions following the bankruptcy of Saks Fifth Avenue. CEO Tony Spring acknowledged that while tax refunds contributed to the sales boost, the company's strategic focus on retail fundamentals has been crucial.
Macy's now expects net sales for 2026 to range between $21.5 billion and $21.75 billion, surpassing previous estimates, and anticipates earnings per share between $2 and $2.20. The company has also adjusted its outlook for comparable sales growth to between 0.5% and 1.2%, reflecting ongoing positive trends into the second quarter.
Despite potential economic challenges, Spring expressed confidence in consumer behavior and the effectiveness of Macy's operational strategies, which include enhancing customer experience and product availability