Macy’s Q2 2026 earnings lift full-year sales and profit outlook
Macy’s raised its 2026 forecast after comparable sales rose across its brands, though tariff refunds added materially to quarterly profit.
By Sofia Marchetti · World Affairs Correspondent
2 min read
Macy’s Q2 2026 earnings brought higher sales, profit and a raised full-year forecast on Sept. 10, as the retailer reported comparable-sales growth across its three brands. The figures show recent measurable gains while the company’s turnaround plan is under way, but do not confirm a sustained turnaround.
Macy’s said fiscal second-quarter net sales rose 1.1% from a year earlier to $4.9 billion, while company comparable sales increased 2.7%. GAAP net income was $169 million, or 62 cents per diluted share, compared with $87 million, or 31 cents per share, in the prior-year quarter.
The company reported adjusted diluted earnings per share of 63 cents, including a 23-cent net benefit from tariff refunds. CNBC separately reported adjusted earnings of 40 cents a share under its measure, versus the 37-cent analyst consensus compiled by LSEG; the figures should not be treated as the same earnings measure.
What drove Macy’s Q2 2026 earnings growth?
Bloomingdale’s posted the fastest comparable-sales increase, up 11.3%, and Macy’s said the brand recorded its highest second-quarter sales volume. Bluemercury comparable sales rose 6.2%, while the namesake Macy’s business grew 1.1%, according to the company.
At the company’s Reimagine 200 Macy’s locations, comparable sales increased 1.9%. Macy’s said the performance of those revamped stores supported its Bold New Chapter strategy, and said comparable sales at the Macy’s banner had risen for a fifth straight quarter.
- Macy’s Inc. comparable sales: up 2.7%
- Macy’s banner comparable sales: up 1.1%
- Reimagine 200 stores: up 1.9%
- Bloomingdale’s comparable sales: up 11.3%
- Bluemercury comparable sales: up 6.2%
How did Macy’s raise its 2026 outlook?
Macy’s now expects 2026 net sales of $21.68 billion to $21.83 billion, compared with its June outlook of $21.5 billion to $21.75 billion. It lifted expected comparable-sales growth to 1% to 1.5%, from 0.5% to 1.2%, and raised adjusted diluted earnings guidance to $2.15 to $2.35 per share from $2.00 to $2.20, according to Macy’s and its June filing with the Securities and Exchange Commission.
Tariff refunds contributed to the higher profit outlook. Macy’s said it received $116 million in expected International Emergency Economic Powers Act tariff refunds, including $98 million during the quarter and $18 million afterward. It plans for about $20 million to flow into full-year earnings per share and to invest the remaining $96 million in 2026 customer initiatives and its strategy.
The company said its forecast still accounts for macroeconomic and geopolitical conditions that could affect discretionary spending. Macy’s shares nevertheless fell nearly 5% on the day of the report, CNBC reported.
This story draws on original reporting from CNBC.