Macy’s, Inc. (NYSE:M) reported first quarter results that beat Wall Street expectations for both earnings and revenue, while also raising its full-year guidance, which saw its shares edge about 1% higher on Wednesday.
For Q1, the company reported adjusted diluted earnings per share of $0.13, compared with analyst estimates of $0.03. Net sales totaled $4.68 billion, versus expectations of $4.61 billion.
Macy’s said comparable sales increased 3.0% in the quarter, driven by gains across all three of its main banners.
Macy’s comparable sales rose 1.6%, Bloomingdale’s increased 10.2%, and Bluemercury climbed 6.4%. Net sales rose 1.8% year over year to approximately $4.7 billion.
The company also raised its full-year outlook, increasing guidance for net sales, comparable sales, and adjusted EPS. Macy’s now expects full-year adjusted earnings per share of $2.00 to $2.20, up from $1.90 to $2.10 previously, and net sales of $21.5 billion to $21.75 billion.
“We’re off to a strong start to the year, exceeding expectations for the fifth consecutive quarter as our Bold New Chapter strategy continues to build momentum,” Macy’s CEO Tony Spring said in a statement.
“Customers are responding – driving comparable sales growth at Macy’s and another standout quarter at Bloomingdale’s, underscoring its leadership in modern luxury.
Jefferies analysts wrote that the results represented a “strong beat” with a raised fiscal 2026 guide, pointing to continued strength at Bloomingdale’s, positive Macy’s comparable sales, and accelerating performance at Bluemercury.
The firm noted that Macy’s banner comps improved from the prior quarter, while Bloomingdale’s maintained double-digit growth and Bluemercury showed further acceleration.
They highlighted that while full-year guidance was raised, second-quarter EPS guidance of $0.29 to $0.34 came in below consensus expectations of $0.36 at the midpoint, even as comparable sales guidance for the quarter remained positive. Jefferies suggested this could reflect a conservative outlook, with implied second-half performance roughly flat.
Jefferies also pointed to Macy’s maintained its adjusted EBITDA margin outlook of 7.7% to 7.9%, noting offsetting pressures from higher fuel costs and lower tariff assumptions. The firm added that expectations had already improved into the print but still sees potential upside to estimates and valuation going forward.
