Macy's Posts Best First Quarter in Years, Bolstering Fiscal Outlook

Comparable sales rose 3% overall, with the company's namesake banner seeing a 1.6% increase. Bloomingdale’s proved a standout performer, posting a 10.2% gain that Spring attributed to a refreshed brand mix and market disruption following the bankruptcy of rival Saks Fifth Avenue. While tax refunds provided a tailwind for retailers across the sector, Spring insisted the growth is grounded in fundamental improvements to store operations, staffing, and inventory management.

Financial results for the period ending May 2 showed revenue climbing to $4.68 billion, exceeding the $4.61 billion anticipated by analysts. Net income reached $63 million, a significant jump from the $38 million reported during the same period last year. Consequently, the company lifted its fiscal 2026 net sales forecast to a range of $21.5 billion to $21.75 billion, while raising its earnings per share outlook to between $2 and $2.20.

Two years into a three-year restructuring plan, the retailer continues to shutter underperforming locations at struggling malls while reinvesting in core assets. Spring emphasized that the company is prioritizing retail fundamentals over experimental trends, noting that the positive momentum observed in the first quarter has persisted into the start of the second. Even with geopolitical uncertainty pressuring household budgets, management remains confident that their focus on product curation and customer service will sustain the current trajectory.