Macy's Reports Strong Q2 Results, Raises Full-Year Guidance Amid Turnaround Progress
Macy's reported strong second fiscal quarter results and raised its full-year guidance as part of an ongoing turnaround strategy. The company saw a 2.7% increase in comparable sales overall, with the Macy’s brand up 1.1%, driven by revamped store locations. Bloomingdale’s and Bluemercury also showed significant growth at 11.3% and 6.2%, respectively. Macy's raised its full-year net sales guidance to $21.68 billion–$21.83 billion from $21.5 billion–$21.75 billion, while comparable sales expectations were lifted to a range of 1%–1.5%. Earnings per share (EPS) guidance was also increased to $2.15–$2.35 from $2–$2.20. The company received $116 million in tariff refunds and plans to reinvest most into its turnaround plan. The retailer reported adjusted earnings of 40 cents per share, slightly above the expected 37 cents, with revenue at $4.87 billion versus expectations of $4.83 billion.
Topics: earnings report retail sales growth turnaround strategy