During the 13 weeks ended 1 August 2026, the company’s net sales increased 1.1% year-on-year to $4.9bn, with comparable sales also rising across all Macy’s brands.
Bloomingdale’s, Macy’s luxury department store chain, saw the largest gain with an 11.3% increase in comparable sales.
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In the second-quarter, net income nearly doubled to $169m, representing 3.3% of total revenue compared with $87m, or 1.7%, a year earlier.
Adjusted diluted earnings per share rose to $0.63, up from $0.35 in the same period last year. The company attributed this improvement partly to benefits from tariff refunds, which contributed $0.23 per share in the quarter.
Macy’s confirmed it has now received all expected tariff refunds under the International Emergency Economic Powers Act (IEEPA), including $98m within the quarter and a further $18m after quarter-end.
The company said it plans to reinvest the majority of the $116m total refund, with approximately $20m expected to flow through to full-year earnings, and the remainder supporting its “Bold New Chapter” strategic initiatives.
Macy’s saw its gross margin rate expand to 41.5% in Q2, up 180 basis points year-on-year, reflecting the positive impact of tariff refunds.
Selling, general and administrative (SG&A) expenses accounted for 38.7% of revenue, a 20-basis-point decrease from the prior year, despite absolute SG&A costs increasing by $16m due to higher sales and ongoing strategic investments.
Macy’s chairman and CEO Tony Spring said: “Our second-quarter performance builds on the progress our colleagues have consistently delivered through our Bold New Chapter strategy. 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.”
Looking forward, Macy’s raised its net sales forecast to between $21.68bn and $21.83bn, up from the prior range of $21.5bn to $21.75bn.
The company now expects comparable sales to increase by 1.0% to 1.5%, compared with its earlier forecast of 0.5% to 1.2%.
Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) margin is now projected between 7.8% and 8.0%, slightly higher than previous guidance.
Full-year adjusted diluted earnings per share are estimated between $2.15 and $2.35, compared to the previous range of $2.00 to $2.20.
Macy’s noted ongoing uncertainty in the macroeconomic and geopolitical environment, saying its outlook remains flexible to respond to shifts in consumer spending or competitive dynamics.
Tony Spring added: “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.”
