Macy's Boosts Forecast After Strongest Q1 Growth in Four Years

WHO:

ABC News - Macy's, CEO Tony Spring

CNBC - CEO Tony Spring

WHAT:

CNBC - Comparable sales at Bloomingdale's grew by 10.2%, attributed to an array of buzzy brands and the recent bankruptcy of rival Saks Fifth Avenue.

CNBC - CEO Tony Spring stated, "Is the disruption in the marketplace helpful to us? Sure," regarding the impact of market changes on Macy's growth.

CNBC - Spring noted that the same trends observed during the first quarter have continued into the second quarter, indicating ongoing positive performance.

CNBC - Spring emphasized that Macy's raised its outlook "despite the macroeconomic and geopolitical uncertainty."

CNBC - Macy's now expects 2026 net sales to be between $21.5 billion and $21.75 billion, up from a previous expectation of $21.59 billion.

CNBC - Macy's has raised its annual guidance for comparable sales to as much as 1.2%, up from a previous high of 0.5%.

CNBC - CEO Tony Spring stated, "We did raise our guidance in both sales and profit for the remainder of the year to reflect the business trends that we're seeing as we start the second quarter."

CNBC - Macy's posted its strongest first-quarter comparable sales performance in four years.

CNBC - Macy's now expects 2026 net sales to be largely ahead of expectations of $21.59 billion.

CNBC - Macy's anticipates earnings per share will be between $2 and $2.20, up from a previous range of between $1.90 and $2.10.

CNBC - Macy's expects comparable sales to climb between 0.5% and 1.2% for the year, versus a previous outlook of a 0.5% drop to a 0.5% increase.

CNBC - Adjusted earnings per share for the quarter were reported at 13 cents, which was not immediately comparable to estimates.

CNBC - Revenue was $4.68 billion, compared to $4.61 billion expected by analysts.

CNBC - The company's reported net income for the three-month period was $63 million, or 23 cents per share, compared with $38 million, or 13 cents per share, a year earlier.

ABC News - Macy's raised its outlook after achieving its fourth consecutive quarter of sales gains.

CNBC - Macy's posted a 3% overall growth in comparable sales during the first quarter, with a 1.6% increase at its namesake banner.

CNBC - At Bloomingdale's, comparable sales grew by 10.2%.

CNBC - Macy's now expects 2026 net sales to be between $21.5 billion and $21.75 billion.

CNBC - Earnings per share are anticipated to be between $2 and $2.20, up from a previous range of $1.90 to $2.10.

CNBC - Comparable sales are expected to climb between 0.5% and 1.2% for the year.

CNBC - Macy's reported net income of $63 million, or 23 cents per share, for the three-month period ending May 2.

CNBC - Revenue for the quarter was $4.68 billion, up about 2% from $4.60 billion a year earlier.

WHERE:

ABC News - New York

CNBC - Macy's has upgraded 200 reimagined stores across the country.

WHEN:

CNBC - The three-month period that ended May 2.

WHY:

CNBC - Spring noted that tax refunds "definitely" helped during the first quarter, but emphasized that they weren't the only reason for Macy's growth.

CNBC - Better-than-expected sales and profitability led to the raised guidance.

CNBC - Tax refunds contributed to the growth during the first quarter.

HOW:

CNBC - Macy's is about two years into a three-year turnaround plan initiated by CEO Tony Spring, which includes closing underperforming stores at dead malls and reinvesting in remaining locations.

CNBC - Macy's is focusing on retail fundamentals, such as ensuring stores have enough staff, are enjoyable to spend time in, and are stocked with items people actually want to buy.

CNBC - Macy's is undergoing a three-year turnaround plan initiated by CEO Tony Spring, which includes closing underperforming stores and reinvesting in those that remain open.

CNBC - The company is focusing on retail fundamentals, such as staffing, store experience, and product availability.

(UPDATED June 3, 2026 23:30 UTC)

Bloomingdale's has reported a notable 10.2% increase in comparable sales, driven by popular brands and the recent bankruptcy of rival Saks Fifth Avenue. CEO Tony Spring acknowledged that the current market disruptions are beneficial for Macy's, which is experiencing continued positive performance into the second quarter and has raised its outlook despite broader economic uncertainties. Macy's is currently about two years into a three-year turnaround plan led by Spring, focusing on closing underperforming stores and reinvesting in its remaining locations.

(UPDATED June 3, 2026 16:30 UTC)

Macy's has raised its expectations for 2026 net sales, now forecasting between $21.5 billion and $21.75 billion, an increase from the previous estimate of $21.59 billion. The company has also boosted its annual guidance for comparable sales to as much as 1.2%, up from a previous high of 0.5%, with CEO Tony Spring attributing this positive trend to various business factors as they enter the second quarter. Spring highlighted that while tax refunds contributed to the first quarter's growth, Macy's focus remains on retail fundamentals, ensuring stores are well-staffed, inviting, and stocked with desirable products.

(UPDATED June 3, 2026 14:29 UTC)

Macy's has announced its strongest first-quarter comparable sales performance in four years, with revenue reaching $4.68 billion, surpassing analyst expectations of $4.61 billion. The company now anticipates net sales for 2026 to exceed the previous forecast of $21.59 billion, and expects earnings per share to rise between $2 and $2.20, up from an earlier range of $1.90 to $2.10. Additionally, Macy's projects comparable sales growth of between 0.5% and 1.2% for the year, a significant improvement from its earlier outlook of a potential decline.

(UPDATED June 3, 2026 12:38 UTC)

Macy's has raised its outlook after achieving its fourth consecutive quarter of sales gains, with a reported 3% overall growth in comparable sales during the first quarter, including a 1.6% increase at its namesake banner and a notable 10.2% growth at Bloomingdale's. The company now expects net sales for 2026 to fall between $21.5 billion and $21.75 billion, with anticipated earnings per share ranging from $2 to $2.20, up from a previous estimate of $1.90 to $2.10. This positive momentum is attributed to better-than-expected sales and profitability, bolstered by tax refunds, as Macy's continues its three-year turnaround plan led by CEO Tony Spring, focusing on enhancing retail fundamentals across its upgraded stores nationwide.