Macys Inc (M)

Macy’s Shares Advance After Strong First-Quarter Results and Improved Full-Year Forecast (M)June 3, 2026 9:52 AM
IH Market News Macy’s Inc. (NYSE:M) shares moved higher in premarket trading on Wednesday after the department store operator delivered first-quarter earnings and revenue ahead of expectations while raising its outlook for the remainder of the year. The results suggest the company’s ongoing transformation strategy is beginning to generate measurable improvements across its retail portfolio. Profit and Revenue Top Wall Street Expectations For the quarter ended May 2026, Macy’s reported adjusted earnings of $0.13 per share, exceeding analyst forecasts of $0.03 by a wide margin. Net sales increased 1.8% year over year to $4.70 billion, surpassing the consensus estimate of $4.61 billion. The performance marked another quarter of results ahead of expectations as the company continues to execute its turnaround initiatives. “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,” chairman and chief executive Tony Spring said in a statement. Comparable Sales Deliver Strongest First-Quarter Growth in Four Years Comparable sales across Macy’s three core brands—Macy’s, Bloomingdale’s and Bluemercury—increased 3%, representing the strongest first-quarter comparable sales performance in four years. Bloomingdale’s led the way with a 10.2% rise in comparable sales, marking its seventh consecutive quarter of growth and its strongest first-quarter result on record. Bluemercury posted a 6.4% increase in comparable sales, while the Macy’s banner recorded growth of 1.6%. Within the Macy’s division, the company’s Reimagine 200 store initiative continued to outperform, delivering comparable sales growth of 2.4%. Margins Remain Resilient Despite Tariff Pressures Gross margin came in at 38.9%, down 30 basis points from the prior year. Management noted that tariffs accounted for the entire decline, adding that gross margin would have been unchanged year over year excluding the 30-basis-point impact from tariffs. Selling, general and administrative expenses rose by $39 million to $2 billion, although they remained steady at 39.9% of total revenue. Adjusted EBITDA totaled $290 million, representing 5.9% of revenue, compared with $304 million, or 6.3% of revenue, in the year-earlier period. Earnings Continue to Improve On a GAAP basis, diluted earnings per share increased to $0.23 from $0.13 in the prior-year quarter. Adjusted diluted earnings per share rose to $0.13 from $0.11 a year earlier, reflecting continued progress in profitability despite a challenging retail environment. Management Raises Fiscal 2026 Outlook Encouraged by the stronger-than-expected start to the year, Macy’s increased its guidance for fiscal 2026. The company now expects net sales between $21.50 billion and $21.75 billion, up from its previous forecast of $21.40 billion to $21.65 billion. Management also improved its comparable sales outlook, projecting growth of 0.5% to 1.2%, compared with its prior expectation of between a 0.5% decline and a 0.5% increase. Adjusted diluted earnings per share are now expected to range from $2.00 to $2.20, compared with the previous forecast of $1.90 to $2.10. The revised guidance brackets the analyst consensus estimate of $2.10 per share. The company maintained its adjusted EBITDA margin forecast of 7.7% to 7.9% of total revenue. Strong Liquidity and Continued Shareholder Returns Macy’s ended the quarter with $1.30 billion in cash and approximately $2 billion of available borrowing capacity. Total debt stood at $2.40 billion, with no significant long-term debt maturities scheduled before 2030. The company continued to return capital to shareholders during the quarter, repurchasing 2.6 million shares for $50 million while also paying $50 million in dividends. Approximately $1.10 billion remains available under Macy’s existing $2 billion share repurchase authorization, providing additional flexibility for future shareholder returns. The combination of stronger sales, improving comparable-store performance and higher full-year guidance helped reinforce investor confidence that Macy’s turnaround strategy is gaining momentum. Macy’s stock price Original: Macy’s Shares Advance After Strong First-Quarter Results and Improved Full-Year Forecast (M)

Macy’s, Inc. Reports Strong First Quarter 2026 Results and Raises Full-Year OutlookJune 3, 2026 6:55 AM
Business Wire Macy’s, Inc. delivered 3.0% comparable sales growth, marking its strongest first-quarter in four years, driven by increases across all nameplates Macy’s achieved its fourth consecutive quarter of comparable sales gains, led by Reimagine 200 stores Bloomingdale’s delivered a 10.2% comparable sales increase and record first quarter sales Macy’s, Inc. (NYSE: M) today reported financial results for the first quarter 2026 and updated its annual guidance. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260603976443/en/ First Quarter 2026 Highlights Macy’s, Inc. comparable sales1 increased 3.0%, exceeding the company’s guidance and led by go-forward1,2 comparable sales, up 3.1%. Macy’s comparable sales rose 1.6%, inclusive of Reimagine 200 stores’ comparable sales, up 2.4%. Bloomingdale’s comparable sales grew 10.2%, marking seven consecutive quarters of gains. Bluemercury comparable sales increased 6.4%. Macy’s, Inc. achieved GAAP diluted earnings per share (“EPS”) of $0.23; Adjusted diluted EPS of $0.13, above the company’s guidance. “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,” said Tony Spring, chairman and chief executive officer of Macy’s, Inc. “Customers are responding – driving comparable sales growth at Macy’s and another standout quarter at Bloomingdale’s, underscoring its leadership in modern luxury. We’re operating with discipline and focusing on what matters most – our customers. With the power of our multi-brand, multi-category, multi-generational portfolio, we’re confident in our path to sustainable, profitable growth. And we’re excited to continue our year of celebrations at Macy’s, including the 50th anniversary of Macy’s Fourth of July Fireworks, as we mark the nation’s 250th.” First Quarter 2026 Results1 (comparisons are to the first quarter of 2025) Macy’s, Inc. net sales, inclusive of store closures, increased 1.8%3 to $4.7 billion, with comparable sales up 3.0%. Comparable sales were positive at each of the company’s nameplates. Macy’s, Inc. go-forward1,2 business comparable sales were up 3.1%. By nameplate: Macy’s comparable sales were up 1.6%. Reimagine 200 locations comparable sales were up 2.4%. Bloomingdale’s comparable sales were up 10.2%. Bluemercury comparable sales were up 6.4%. Other revenue of $210 million increased $16 million, or 8.2%. Within other revenue: Credit card net revenues increased $18 million, or 11.7%, to $172 million, primarily due to the company’s healthy credit portfolio. Macy’s Media Network net revenue decreased $2 million, or 5.0%, to $38 million, reflecting the timing of advertising spend on a year-over-year basis. Gross margin rate of 38.9% declined 30 basis points. Excluding a tariff impact of 30 basis points, gross margin was even with last year. Selling, general and administrative (“SG&A”) expense of $2.0 billion increased $39 million, reflecting the company’s ongoing investments in the go-forward business, including Reimagine 200 locations, Bloomingdale’s and digital across nameplates, partially offset by the net benefit from continued cost management efforts. As a percent of total revenue, SG&A expense was 39.9%, unchanged from the prior year period. GAAP net income was $63 million, or 1.3% of total revenue, and Adjusted net income was $35 million, or 0.7% of total revenue. In the first quarter of 2025, net income was $38 million, or 0.8% of total revenue, and Adjusted net income was $31 million, or 0.6% of total revenue. GAAP and Adjusted diluted EPS were $0.23 and $0.13, respectively. In the first quarter of 2025, GAAP and Adjusted diluted EPS were $0.13 and $0.11, respectively. Adjusted earnings before interest, taxes, and depreciation and amortization (“EBITDA”) was $290 million, or 5.9% of total revenue. In the first quarter of 2025, Adjusted EBITDA was $304 million, or 6.3% of total revenue. Balance Sheet and Liquidity Merchandise inventories increased 3.6% year-over-year. The company believes the composition and level of inventories are well-positioned heading into summer 2026. The company ended the first quarter of 2026 with cash and cash equivalents of $1.3 billion and had $2.0 billion of available borrowing capacity under its asset-based credit facility. As of the end of the first quarter of 2026, total debt was $2.4 billion. The company has no material long-term debt maturities until 2030. Shareholder Returns Through its quarterly dividend, the company returned $50 million in cash to shareholders in the first quarter of 2026. Additionally, on May 15, 2026, Macy’s, Inc.’s board of directors declared a regular quarterly dividend of 19.15 cents per share on Macy’s, Inc.’s common stock, payable on July 1, 2026 to shareholders of record at the close of business on June 15, 2026. During the first quarter of 2026, the company repurchased 2.6 million of its shares for $50 million. The company had approximately $1.1 billion remaining under its $2.0 billion share repurchase authorization as of the end of the first quarter of 2026. 1: Comparable sales refers to owned-plus-licensed-plus-marketplace sales. All reported nameplate comparable sales results are on a go-forward basis. 2: Inclusive of go-forward locations and digital, unless otherwise specified. For Macy’s, Inc. this reflects go-forward locations and digital across all three nameplates. 3: Reflects the impact of fiscal 2025 store closures, primarily Macy’s nameplate locations, which contributed approximately $40 million in the first quarter of 2025. 2026 Guidance The company revised its annual fiscal year 2026 guidance, including raising net sales, comparable sales, and adjusted diluted EPS guidance. Full year guidance continues to recognize that there are macroeconomic and geopolitical factors that could influence discretionary spend. As such, the company continues to take a prudent approach to guidance, giving flexibility within its business model to respond to changes in the competitive landscape and external environment. Guidance assumes the first half of the year will have a larger tariff impact than the second half and does not include the potential receipt of refunds from tariffs. Additionally, guidance reflects the investments to be made in the company’s Reimagine 200 locations and luxury nameplates to support long-term top-line growth. The full outlook for 2026, including the second quarter of 2026, can be found in the presentation posted to www.macysinc.com/investors. For Macy’s, Inc. the company expects:   Guidance as of June 3, 2026 Guidance as of March 18, 2026 Net sales1 $21.5 billion to $21.75 billion $21.4 billion to $21.65 billion Comparable sales change2 0.5% to 1.2% (0.5%) to 0.5% Adjusted EBITDA3 as a percent of total revenue 7.7% to 7.9% 7.7% to 7.9% Adjusted diluted EPS3,4 $2.00 to $2.20 $1.90 to $2.10 1: Reflects the impact of fiscal 2025 store closures which contributed roughly $145 million of annual net sales. 2: Comparable sales refers to owned-plus-licensed-plus-marketplace sales. 3: Updated definitions to now exclude gains on sale of real estate and benefit plan income based on the company’s non-GAAP definitions as described in its Form 8-K filing on February 18, 2026. 4: The impact of any potential future share repurchases associated with the company’s current share repurchase authorization is not considered within guidance. The company does not provide reconciliations of the forward-looking non-GAAP measures of Adjusted EBITDA as a percent of total revenue and Adjusted diluted EPS to the most directly comparable forward-looking GAAP measures, and is unable to address the probable significance to future results of any items excluded from these measures, because the timing and amount of excluded items are unreasonably difficult to fully and accurately estimate. See Important Information Regarding Non-GAAP Financial Measures. Conference Call and Webcasts A webcast of Macy's, Inc.’s call with analysts and investors to report its first quarter of 2026 sales and earnings will be held today (June 3, 2026) at 8:00 a.m. ET. Macy’s, Inc.’s webcast, along with the associated presentation, is accessible to the media and general public via the company's website at www.macysinc.com. Analysts and investors may call 1-877-407-0832. A replay of the conference call will be available on the company’s website or by calling 1-877-660-6853, using passcode 13759596, about two hours after the conclusion of the call. Additional information on Macy’s, Inc., including past news releases, is available at www.macysinc.com/newsroom. Important Information Regarding Non-GAAP Financial Measures Please see the final pages of this news release for important information regarding the calculation of the company’s non-GAAP financial measures. About Macy’s, Inc. Macy’s, Inc. (NYSE: M) is a trusted source for quality brands through our iconic nameplates – Macy’s, Bloomingdale’s and Bluemercury. Headquartered in New York City, our comprehensive digital and nationwide footprint empowers us to deliver a seamless shopping experience for our customers. For more information, visit macysinc.com. Forward-Looking Statements All statements in this press release that are not statements of historical fact are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are based upon the current beliefs and expectations of Macy’s management and are subject to significant risks and uncertainties. Actual results could differ materially from those expressed in or implied by the forward-looking statements contained in this release because of a variety of factors, including Macy’s ability to successfully implement its Bold New Chapter strategy, including the ability to realize the anticipated benefits associated with the strategy, competitive pressures from specialty stores, general merchandise stores, off-price and discount stores, manufacturers’ outlets, the Internet and catalogs and general consumer spending levels, including the impact of the availability and level of consumer debt, conditions to, or changes in the timing of proposed real estate and other transactions, declines in credit card revenues, possible systems failures and/or security breaches, business, legal and ethical challenges related to use of artificial intelligence, Macy’s reliance on foreign sources of production, including risks related to the disruption of imports by labor disputes, regional or global health pandemics, regional political and economic conditions, the effect of potential changes to trade policies, the effect of weather, inflation, inventory shortage, and labor shortages, the potential for the incurrence of charges in connection with the impairment of tangible and intangible assets, including goodwill, the amount and timing of future dividends and share repurchases, and other factors identified in documents filed by the company with the Securities and Exchange Commission, including under the captions “Forward-Looking Statements” and “Risk Factors” in the company’s Annual Report on Form 10-K for the year ended January 31, 2026. Macy’s, Inc. disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. MACY’S, INC.   Consolidated Statements of Income (Unaudited) (Note 1) (All amounts in millions except percentages and per share figures)     13 Weeks Ended May 2, 2026   13 Weeks Ended May 3, 2025   $   % to
Net sales   % to
Total revenue   $   % to
Net sales   % to
Total revenue Net sales $ 4,682             $ 4,599           Other revenue (Note 2)   210     4.5 %         194     4.2 %     Total revenue   4,892               4,793           Cost of sales   (2,860 )   (61.1 %)         (2,795 )   (60.8 %)     Selling, general and administrative expenses   (1,952 )       (39.9 %)     (1,913 )       (39.9 %) Gains on sale of real estate   15         0.3 %     16         0.3 % Impairment, restructuring and other benefits (costs)   17         0.3 %     (7 )       (0.1 %) Operating income   112         2.3 %     94         2.0 % Benefit plan income, net   6               4           Interest expense, net   (25 )             (27 )         Loss on extinguishment of debt   —               (3 )         Income before income taxes   93               68           Federal, state and local income tax expense (Note 3)   (30 )             (30 )         Net income $ 63             $ 38           Basic earnings per share $ 0.24             $ 0.14           Diluted earnings per share $ 0.23             $ 0.13           Average common shares:                       Basic   264.4               277.6           Diluted   272.7               280.7           End of period common shares outstanding   263.8               271.5           Supplemental Financial Measures:                       Gross Margin (Note 4) $ 1,822     38.9 %       $ 1,804     39.2 %     Depreciation and amortization expense $ 210             $ 219             MACY’S, INC.   Consolidated Balance Sheets (Unaudited) (Note 1) (millions)     May 2,
2026   January 31,
2026   May 3,
2025 ASSETS:           Current Assets:           Cash and cash equivalents $ 1,294   $ 1,246   $ 932 Receivables   302     628     241 Merchandise inventories   4,833     4,412     4,663 Prepaid expenses and other current assets   467     387     445 Income taxes receivable   —     —     10 Total Current Assets   6,896     6,673     6,291 Property and Equipment – net   4,636     4,743     4,964 Right of Use Assets   2,087     2,136     2,226 Goodwill   828     828     828 Other Intangible Assets – net   419     420     424 Other Assets   1,440     1,438     1,356 Total Assets $ 16,306   $ 16,238   $ 16,089 LIABILITIES AND SHAREHOLDERS’ EQUITY:           Current Liabilities:           Short-term debt $ —   $ —   $ 6 Merchandise accounts payable   2,366     1,807     2,133 Accounts payable and accrued liabilities   2,238     2,615     2,221 Income taxes payable   70     71     27 Total Current Liabilities   4,674     4,493     4,387 Long-Term Debt   2,432     2,432     2,774 Long-Term Lease Liabilities   2,677     2,772     2,884 Deferred Income Taxes   828     805     721 Other Liabilities   858     876     872 Shareholders' Equity   4,837     4,860     4,451 Total Liabilities and Shareholders’ Equity $ 16,306   $ 16,238   $ 16,089   MACY’S, INC.   Consolidated Statements of Cash Flows (Unaudited) (Notes 1 and 5) (millions)     13 Weeks Ended
May 2, 2026   13 Weeks Ended
May 3, 2025 Cash flows from operating activities:       Net income $ 63     $ 38   Adjustments to reconcile net income to net cash provided by operating activities:       Impairment, restructuring and other (benefits) costs   (17 )     7   Depreciation and amortization   210       219   Stock-based compensation expense   14       13   Gains on sale of real estate   (15 )     (16 ) Benefit plans   2       1   Amortization of financing costs and premium on acquired debt   1       2   Deferred income taxes   22       (2 ) Changes in assets and liabilities:       Decrease in receivables   316       62   Increase in merchandise inventories   (421 )     (198 ) Increase in prepaid expenses and other current assets   (84 )     (68 ) Increase in merchandise accounts payable   534       242   Decrease in accounts payable and accrued liabilities   (297 )     (344 ) Increase in current income taxes   3       25   Change in other assets and liabilities   (39 )     (45 ) Net cash provided (used) by operating activities   292       (64 ) Cash flows from investing activities:       Purchase of property and equipment   (88 )     (100 ) Capitalized software   (89 )     (77 ) Proceeds from disposition of assets, net   25       38   Other, net   3       6   Net cash used by investing activities   (149 )     (133 ) Cash flows from financing activities:       Debt issuance costs   —       (6 ) Debt repaid   (1 )     (1 ) Dividends paid   (50 )     (51 ) Increase (decrease) in outstanding checks   7       (23 ) Acquisition of treasury stock   (51 )     (97 ) Net cash used by financing activities   (95 )     (178 ) Net increase (decrease) in cash, cash equivalents and restricted cash   48       (375 ) Cash, cash equivalents and restricted cash beginning of period   1,249       1,310   Cash, cash equivalents and restricted cash end of period $ 1,297     $ 935   MACY’S, INC.   Consolidated Financial Statements (Unaudited)   Notes:   (1) As a result of the seasonal nature of the retail business, the results of operations for the 13 weeks ended May 2, 2026 and May 3, 2025 (which do not include the Christmas season) are not necessarily indicative of such results for the fiscal year.   (2) Other Revenue is inclusive of the following amounts. All amounts in millions except percentages.   13 Weeks Ended May 2, 2026   13 Weeks Ended May 3, 2025   $   % to
Net sales   $   % to
Net sales Credit card revenues, net $ 172   3.7 %   $ 154   3.3 % Macy's Media Network revenue, net   38   0.8 %     40   0.9 % Other Revenue $ 210   4.5 %   $ 194   4.2 %                 Net Sales $ 4,682       $ 4,599     (3) The income tax expense of $30 million, or 32.3% of pretax income, for the 13 weeks ended May 2, 2026 and income tax expense of $30 million, or 44.1% of pretax income, for the 13 weeks ended May 3, 2025, reflect a different effective tax rate as compared to the Company’s federal income tax statutory rate of 21%. The income tax effective rates for the 13 weeks ended May 2, 2026 and May 3, 2025 were impacted primarily by the impact of state and local taxes and the vesting and cancellation of certain stock-based compensation awards.   (4) Gross margin is defined as net sales less cost of sales.   (5) Restricted cash of $3 million has been included with cash and cash equivalents as of both May 2, 2026 and May 3, 2025. MACY’S, INC. Important Information Regarding Non-GAAP Financial Measures The company reports its financial results in accordance with U.S. generally accepted accounting principles (“GAAP”). However, management believes that certain non-GAAP financial measures provide users of the company's financial information with additional useful information in evaluating operating performance. Management believes that earnings before interest and taxes (“EBIT”) and earnings before interest, taxes, depreciation and amortization (“EBITDA”), which are non-GAAP financial measures, provides meaningful information about its operational efficiency by excluding the impact of changes in tax law and structure, debt levels and capital investment. In addition, management believes that excluding certain items that are not associated with the company’s core operations and that may vary substantially in frequency and magnitude from period-to-period net income, diluted earnings per share and EBITDA provides useful supplemental measures that assist in evaluating the company's ability to generate earnings and leverage sales, respectively, and to more readily compare these metrics between past and future periods. Management also believes that Adjusted EBIT and Adjusted EBITDA are frequently used by investors and securities analysts in their evaluations of companies, and that such supplemental measures facilitate comparisons between companies that have different capital and financing structures and/or tax rates. The Company uses certain non-GAAP financial measures as performance measures for components of executive compensation. The company does not provide reconciliations of the forward-looking non-GAAP measures of Adjusted EBITDA as a percent of total revenue and adjusted diluted earnings per share to the most directly comparable forward-looking GAAP measures, and is unable to address the probable significance to future results of any items excluded from these measures, because the timing and amount of excluded items are unreasonably difficult to fully and accurately estimate. Non-GAAP financial measures should be viewed as supplementing, and not as an alternative or substitute for, the company's financial results prepared in accordance with GAAP. Certain of the items that may be excluded or included in non-GAAP financial measures may be significant items that could impact the company's financial position, results of operations or cash flows and should therefore be considered in assessing the company's actual and future financial condition and performance. The methods used by the company to calculate its non-GAAP financial measures may differ significantly from methods used by other companies to compute similar measures. As a result, any non-GAAP financial measures presented herein may not be comparable to similar measures provided by other companies. Non-GAAP financial measures, excluding certain items below, are reconciled to the most directly comparable GAAP measure as follows: Adjusted EBIT and adjusted EBITDA are reconciled to GAAP net income. Adjusted net income is reconciled to GAAP net income. Adjusted diluted earnings per share is reconciled to GAAP diluted earnings per share. Adjusted EBIT and Adjusted EBITDA     13 Weeks Ended May 2, 2026   13 Weeks Ended May 3, 2025 Net income $ 63     $ 38   Federal, state and local income tax expense   30       30   Interest expense, net   25       27   Loss on extinguishment of debt   —       3   Benefit plan income, net   (6 )     (4 ) Impairment, restructuring and other (benefits) costs   (17 )     7   Gains on sale of real estate   (15 )     (16 ) Adjusted EBIT   80       85   Depreciation and amortization   210       219   Adjusted EBITDA $ 290     $ 304   Adjusted Net Income and Adjusted Diluted Earnings Per Share     13 Weeks Ended May 2, 2026   13 Weeks Ended May 3, 2025   Net Income   Diluted Earnings Per Share   Net Income   Diluted Earnings Per Share As reported $ 63     $ 0.23     $ 38     $ 0.13   Loss on extinguishment of debt   —       —       3       0.01   Benefit plan income, net   (6 )     (0.02 )     (4 )     (0.01 ) Impairment, restructuring and other (benefits) costs   (17 )     (0.06 )     7       0.03   Gains on sale of real estate   (15 )     (0.05 )     (16 )     (0.06 ) Income tax impact of items identified above   10       0.03       3       0.01   As adjusted to exclude items above $ 35     $ 0.13     $ 31     $ 0.11     View source version on businesswire.com: https://www.businesswire.com/news/home/20260603976443/en/ Media – Chris Grams
communications@macys.com Investors – Pamela Quintiliano
investors@macys.com Original: Macy’s, Inc. Reports Strong First Quarter 2026 Results and Raises Full-Year Outlook

Macy’s, Inc. to Report First Quarter 2026 Results on June 3, 2026May 18, 2026 7:30 AM
Business Wire Macy’s, Inc. (NYSE: M) will report its first quarter 2026 sales and earnings results on Wednesday, June 3. The company will host a call and webcast with financial analysts and investors at 8:00 a.m. ET. The call will be hosted by Tony Spring, Macy’s, Inc.’s chairman and chief executive officer, and Tom Edwards, chief operating officer and chief financial officer. The general public and the media will be able to access the live webcast and associated presentation via the company's website at www.macysinc.com. To participate in the call, analysts and investors may dial 1-877-407-0832. A replay of the conference call will be available on the company’s website or by dialing 1-877-660-6853, using passcode 13759596 about two hours after the conclusion of the call. About Macy’s, Inc.
Macy’s, Inc. (NYSE: M) is a trusted source for quality brands through our iconic nameplates – Macy’s, Bloomingdale’s and Bluemercury. Headquartered in New York City, our comprehensive digital and nationwide footprint empowers us to deliver a seamless shopping experience for our customers. For more information, visit macysinc.com. View source version on businesswire.com: https://www.businesswire.com/news/home/20260518066861/en/ Media – Isabella Hershey
communications@macys.com Investors – Pamela Quintiliano
investors@macys.com Original: Macy’s, Inc. to Report First Quarter 2026 Results on June 3, 2026

Macy’s, Inc. Board of Directors Declares Quarterly DividendMay 15, 2026 10:49 AM
Business Wire The board of directors of Macy's, Inc. (NYSE: M) today declared a regular quarterly dividend of 19.15 cents per share on Macy's, Inc.’s common stock, payable on July 1, 2026, to shareholders of record at the close of business on June 15, 2026. About Macy’s, Inc. Macy’s, Inc. (NYSE: M) is a trusted source for quality brands through our iconic nameplates – Macy’s, Bloomingdale’s and Bluemercury. Headquartered in New York City, our comprehensive digital and nationwide footprint empowers us to deliver a seamless shopping experience for our customers. For more information, visit macysinc.com. View source version on businesswire.com: https://www.businesswire.com/news/home/20260515615322/en/ Media – Isabella Hershey
communications@macys.com Investors – Pamela Quintiliano
investors@macys.com Original: Macy’s, Inc. Board of Directors Declares Quarterly Dividend

Celebrations Start 50 Days from the 50th Macy’s 4th of July Fireworks®May 15, 2026 10:00 AM
Business Wire Macy’s 4th of July Fireworks expands for its 50th anniversary, illuminating the iconic Brooklyn Bridge, the lower East River and the lower Hudson River, creating an unforgettable celebration on the nation’s 250th birthday This year, through “Celebrations Start at Macy’s,” Macy’s 4th of July Fireworks® will mark its 50th anniversary with a milestone pyrotechnic display, captivating millions on Saturday, July 4. Macy’s 4th of July Fireworks will expand to both the lower East River in the Seaport District, the lower Hudson River in collaboration with Jersey City, and the iconic Brooklyn Bridge creating a shared experience that connects more communities than ever. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260515823798/en/Celebrations Start 50 Days from the 50th Macy's 4th of July Fireworks® The nation’s largest 4th of July celebration will ignite the skies of New York and New Jersey with a kaleidoscope of color and sound. The landmark show celebrates 50 years of patriotic spectacle for Macy’s and marks the nation’s 250th birthday. “As a brand synonymous with celebration, entertainment and culture, Macy’s brings generations of customers and communities together through both big and small moments,” said Sharon Otterman, Macy’s chief marketing officer. “The tradition of Macy’s 4th of July Fireworks creates connection through artistry, music and awe-inspiring displays that turn into lasting memories. We are proud to celebrate our 50th anniversary with a once in a generation experience filled with emotional storytelling and signature spectacle to connect millions of people nationwide.” Through “Celebrations Start at Macy’s,” the brand creates immersive experiences like Macy’s 4th of July Fireworks, as well as surprise and delight moments through customer experiences and iconic national events, leading up to the 100th Macy’s Thanksgiving Day Parade® this November. This spring, Macy’s is launching Macy’s Golden Confetti as part of “Celebrations Start at Macy’s,” offering customers a chance to win one of 100 prizes, now through October 31, 2026. Eligible sweepstakes participants will enter to win tickets to Macy’s iconic events, live entertainment experiences and “must have” product, and one contest winner will receive a Macy’s shopping spree grand prize, totaling $100,000. Promotion rules, eligibility, specific prizes/distribution and other details can be found at www.MacysGoldenConfetti.com*. Additionally, during Celebration Saturdays events at select stores throughout the fall season and online, customers are invited to share personal celebrations and create confetti to be released as part of the 100th Macy’s Thanksgiving Day Parade. Viewers nationwide can tune in to “Macy’s 4th of July Fireworks” on NBC and Peacock at 8:00-10:00 p.m. ET/PT, 7:00-9:00 p.m. CT/MT. An encore presentation of the show will also air at 10 p.m. ET/PT on NBC. Additionally, a Spanish language simulcast will air on Telemundo at 8:00-10:00 p.m. ET/PT. Additional details on public viewing, talent performances and more will be announced in the coming weeks. To learn more, please visit macys.com/fireworks. *NO PURCHASE OR APP NECESSARY. Legal residents of the 50 U.S. (D.C.) 18 years and older. Ends October 31, 2026. To play, visit here. See Official Rules for odds, alternate methods of entry and prize descriptions. To download the Macy’s app, visit here. Void where prohibited. About Macy’s Macy’s, the largest retail brand of Macy’s, Inc. (NYSE: M), helps customers celebrate – from everyday moments to life’s biggest occasions – with a curated assortment across apparel, home, beauty, accessories and more. Each year, Macy’s brings the nation together through two of its most beloved traditions: Macy’s Thanksgiving Day Parade and Macy’s 4th of July Fireworks, entertaining millions. Celebrate big and small moments in stores nationwide, at macys.com, or on the Macy’s app. For more information on Macy’s, Inc., visit www.macysinc.com. View source version on businesswire.com: https://www.businesswire.com/news/home/20260515823798/en/ Christine Olver Nealon / Ryan Gannon / Adriana Douzos
communications@macys.com Original: Celebrations Start 50 Days from the 50th Macy’s 4th of July Fireworks®

NYSE Content Update: Lynn Martin Calls for AI Coordination as U.S. Business Representative in ShanghaiMay 15, 2026 8:55 AM
PR Newswire (US) NYSE issues a pre-market daily advisory direct from the trading floor.NEW YORK, May 15, 2026 /PRNewswire/ -- The New York Stock Exchange (NYSE) provides a daily pre-market update directly from the NYSE Trading Floor. Access today's NYSE Pre-market update for market insights before trading begins.  Kristen Scholer delivers the pre-market update on May 15thThe stock market is set to round out a winning week after President Trump finishes a historic two-day Beijing Summit.NYSE President Lynn Martin joined the U.S. Presidential Delegation for President Trump's state visit with Chinese President Xi Jinping.After the summit, Martin traveled to Shanghai for a ministerial forum as part of APEC 2026 and called for global AI coordination.Before America's 250th birthday, which is 50 days away, the NYSE released a video showcasing its storied history alongside U.S. growth.  Opening Bell
Horizon Investments commemorates the firm's outcome-oriented ETFsClosing Bell
Macy's (NYSE: M) celebrates 50 days until the 50th Macy's fireworksRead the full summary of NYSE President Lynn Martin's remarks in Shanghai: Click hereWatch the NYSE's historical evolution over 250 years of American ingenuity: Click hereFor market insights, IPO activity, and today's opening bell, download the NYSE TV App: TV.NYSE.com Video - https://mma.prnewswire.com/media/2981160/NYSE_May_15_Market_Update.mp4Photo - https://mma.prnewswire.com/media/2981159/NYSE_FDNY_Closing_Bell.jpgLogo - https://mma.prnewswire.com/media/2581322/New_York_Stock_Exchange_Logo.jpg View original content:https://www.prnewswire.co.uk/news-releases/nyse-content-update-lynn-martin-calls-for-ai-coordination-as-us-business-representative-in-shanghai-302773559.html Original: NYSE Content Update: Lynn Martin Calls for AI Coordination as U.S. Business Representative in Shanghai

KIKO Milano Makes U.S. Retail Debut with National Launch at Macy'sMay 1, 2026 8:00 AM
PR Newswire (US)

NEW YORK, May 1, 2026 /PRNewswire/ -- KIKO Milano, the #1 makeup brand in Italy, is expanding its U.S. presence through a new retail partnership with Macy's, one of the country's most iconic department store destinations. The national rollout will begin June 6 at Macy's Herald Square in NYC and macys.com, marking a significant milestone in the brand's North American expansion and introducing its full retail experience to the U.S. market at scale.







KIKO Milano is a globally recognized beauty brand blending high-quality, innovative craftsmanship with its rich Italian heritage. Rooted in creativity and effortless style, KIKO delivers vibrant, trend-driven products designed to make luxury beauty accessible to everyone. At launch, Macy's shoppers will have access to nearly 650 SKUs representing the full KIKO assortment, including bestselling products such as the 3D Hydra Lipgloss, Full Coverage 2-in-1 Foundation & Concealer, Unlimited Double Touch Liquid Lipstick, Long Lasting Eyeshadow Sticks, and Maxi Mod Mascara.KIKO's partnership with Macy's goes beyond distribution, reflecting a shared commitment to experiential retail. Beauty advisors will play a central role in guiding discovery and educating customers across the brand's expansive assortment. Select Macy's locations will also offer on-site engraving, introducing a personalized element that enhances the in-store experience.The partnership reflects a broader shift in the beauty landscape, where consumers are increasingly seeking high-quality, trend-driven products at accessible price points within trusted, discovery-led retail environments. KIKO enters the U.S. as a globally proven brand built on Italian craftsmanship, rapid innovation, and a deliberate approach to pricing that expands access to prestige-quality beauty. Through Macy's, the brand gains the scale and visibility needed to meet growing demand while introducing its model to a new generation of U.S. consumers."Expanding into the U.S. through Macy's marks an important milestone for KIKO Milano," said Simone Dominici, CEO at KIKO Milano. "We have built our business by delivering high-quality, trend-driven beauty inspired by the Italian culture of excellence at accessible price points, and we see strong alignment with today's U.S. consumer. With Macy's, we have a partner that offers the scale, visibility, and in-store experience needed to introduce KIKO in a meaningful way."At the heart of KIKO's U.S. expansion is the brand's "pricetige" model — a deliberate fusion of prestige-quality formulas and intentionally accessible pricing. Enabled by the brand's proximity to Italy's Beauty Valley, a globally recognized hub for beauty manufacturing and innovation, KIKO introduces more than 250 new products annually. KIKO operates at a speed and quality standard that challenges the traditional divide between mass and luxury beauty."As we continue to strengthen the Macy's beauty experience, we're focused on brands that bring genuine innovation and global credibility. KIKO Milano delivers prestige-quality beauty at accessible price points, backed by a distinct point of view," said Nata Dvir, Chief Merchandising Officer, Macy's. "We're thrilled to introduce KIKO to the U.S. in a meaningful, experience-first way, starting at our iconic Herald Square flagship and on macys.com."KIKO's U.S. expansion will extend beyond Macy's later in 2026, with standalone retail locations planned in key markets including Miami and NYC. The brand is focused on building visibility and access through high-impact retail experience, further establishing its presence with U.S. consumers.About KIKO Milano
KIKO MIlano is a beauty brand born in Milan, where craft, culture, and expression collide. Born in 1997, and now the #1 makeup brand in Italy, KIKO has redefined how cosmetics are created and shared, making trend-driven, high-quality products accessible to all. Rooted in Italian artistry and creativity, KIKO is known for bold color stories, luxe textures, and innovative formulas that invite play over perfection. With 1,400+ stores in 77markets and a rapidly growing digital presence, KIKO blends its Italian heritage with global culture to empower every individual to create, express, and experiment beautifully.About Macy's
Macy's, the largest retail brand of Macy's, Inc. (NYSE: M), serves as the style source for generations of customers. With one of the nation's largest e-commerce platforms powered by macys.com and mobile app, paired with a nationwide network of stores, Macy's delivers the most convenient and seamless shopping experience, offering great values in apparel, home, beauty, accessories and more. Macy's gives customers even more ways to shop through an off-price assortment at Macy's Backstage and at our highly curated Macy's small format stores. Each year, Macy's provides millions with unforgettable experiences through Macy's 4th of July Fireworks® and Macy's Thanksgiving Day Parade® and helps our customers celebrate special moments, big and small. We're guided by our social commitment—to create a brighter future for all that empowers voice, choice and ownership for our colleagues, customers, communities and leaders of tomorrow.Media Contact
kiko@jgroup.co



View original content to download multimedia:https://www.prnewswire.com/news-releases/kiko-milano-makes-us-retail-debut-with-national-launch-at-macys-302759825.htmlSOURCE KIKO Milano

Original: KIKO Milano Makes U.S. Retail Debut with National Launch at Macy's

Macy’s stock jumps after Q4 earnings beat and upbeat revenue forecastMarch 18, 2026 10:15 AM
IH Market News
Shares of Macy’s Inc. (NYSE:M) surged about 9% in premarket trading on Wednesday after the department store chain reported fourth-quarter results that topped Wall Street forecasts and issued a revenue outlook that exceeded analyst expectations, even as tariff pressures remain a concern.The retailer reported adjusted earnings of $1.67 per share for the fourth quarter, beating the consensus estimate of $1.56. Revenue totaled $7.6 billion, ahead of expectations for $7.46 billion, although it was down 1.7% compared with the same period a year earlier. Comparable sales increased 1.8%, supported by strong performance across the company’s brands, with Bloomingdale’s posting its best holiday season on record as comparable sales climbed 9.9%.Looking ahead, Macy’s expects fiscal 2026 revenue to range between $21.4 billion and $21.65 billion. The midpoint of $21.53 billion comes in above the analyst consensus forecast of $21.11 billion. However, the company’s adjusted earnings guidance of $1.90 to $2.10 per share, with a midpoint of $2.00, fell short of the $2.21 estimate from analysts.“As we wrap up year two of the Bold New Chapter, I’m pleased with the growth and progress we’re making against our strategic priorities,” said Tony Spring, chairman and chief executive officer of Macy’s, Inc.For the full fiscal year 2025, Macy’s delivered adjusted earnings per share of $2.32, exceeding its earlier guidance range of $2.00 to $2.20. Comparable sales rose 1.5% over the year, marking a return to growth. The company’s continuing operations, which exclude stores scheduled to close, recorded comparable sales growth of 1.7%.Gross margin slipped 50 basis points to 35.2% in the fourth quarter, mainly reflecting a 60-basis-point impact from tariffs. During fiscal 2025, Macy’s generated $1.4 billion in operating cash flow and returned $448 million to shareholders through dividends and share buybacks.Macy’s stock price

Original: Macy’s stock jumps after Q4 earnings beat and upbeat revenue forecast

Macy’s, Inc. and Macy’s Return to Annual Comparable Sales Growth; Fourth Quarter and Fiscal Year 2025 Results Exceed GuidanceMarch 18, 2026 6:55 AM
Business Wire
Bold New Chapter gained traction across all nameplates during fourth quarter, driven by go-forward stores and digital


Bloomingdale’s achieved its best holiday performance on record in the fourth quarter


Macy’s expands strategic initiatives to 75 additional stores, creating “Reimagine 200” for 2026


Macy’s, Inc. (NYSE: M) today reported financial results for the fourth quarter and fiscal year 2025 and provided fiscal year 2026 guidance.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260318878750/en/
Fourth Quarter 2025 Highlights



Macy’s, Inc. net sales of $7.6 billion exceeded guidance.



Macy’s, Inc. comparable sales1 grew 1.8%, exceeding the company’s guidance.



Macy’s, Inc. achieved go-forward comparable sales growth of 2.0%.



Macy’s go-forward comparable sales increased 0.6%, inclusive of Reimagine 125 store comparable sales growth of 0.9%.



Bloomingdale’s comparable sales rose 9.9%.



Bluemercury comparable sales grew 1.3%.



Macy’s, Inc. achieved GAAP diluted earnings per share (“EPS”) of $1.84; Adjusted diluted EPS of $1.67 exceeded the company’s guidance.



Fiscal Year 2025 Highlights



Macy’s, Inc. returned to positive comparable sales growth, up 1.5%.



Macy’s go-forward comparable sales increased 0.6%, inclusive of Reimagine 125 store comparable sales growth of 1.0%.



Macy’s, Inc. delivered GAAP diluted EPS and Adjusted diluted EPS of $2.32, exceeding the company’s most recent guidance range of $2.00 to $2.20 despite tariff headwinds.



Macy’s, Inc. ended the year with $1.2 billion of cash and cash equivalents and generated operating cash ?ow of $1.4 billion and free cash flow of $0.8 billion.



Macy’s, Inc. returned $448 million to shareholders, including $197 million of cash dividends and $251 million in share repurchases.



“As we wrap up year two of the Bold New Chapter, I’m pleased with the growth and progress we’re making against our strategic priorities,” said Tony Spring, chairman and chief executive officer of Macy’s, Inc. “At Macy’s, we are offering more relevant brands, stronger storytelling and investing in our colleagues so we can better serve the customer. Bloomingdale’s exceptional performance underscores its ability to elevate the customer experience and capture demand across premium contemporary to luxury businesses. Looking to 2026 and beyond, we are ready to build on our progress.”


Fourth Quarter 2025 Results1 (comparisons are to the fourth quarter 2024)


Macy’s, Inc. net sales, inclusive of store closures, decreased 1.7%2 to $7.6 billion, with comparable sales up 1.8%. Comparable sales reflect positive comparable sales at each of the company’s nameplates.


Macy’s, Inc. go-forward business3 comparable sales were up 2.0%. By nameplate:



Macy’s net sales, inclusive of store closures, were down 3.2%2. Comparable sales were up 0.4%. Macy’s go-forward business2 comparable sales were up 0.6%.


Reimagine 125 locations comparable sales were up 0.9%.






Bloomingdale’s net sales were up 8.5%. Comparable sales were up 9.9%.



Bluemercury net sales were up 2.5% and comparable sales were up 1.3%.



Other revenue of $277 million increased $38 million, or 15.9%. Within Other revenue:



Credit card revenues, net increased $30 million, or 17.1%, to $205 million, primarily due to the company’s healthy credit portfolio.



Macy’s Media Network revenue, net rose $8 million, or 12.5%, to $72 million.



Gross margin rate3 of 35.2% decreased 50 basis points. The decline was primarily attributable to an approximately 60 basis point tariff impact, which was in-line with the company’s expectations.


Selling, general and administrative (“SG&A”) expense of $2.4 billion decreased $23 million, reflecting the net benefit from closed Macy’s locations, continued cost containment efforts, and end-to-end savings initiatives, partially offset by ongoing investments in the go-forward business, including Reimagine 125 locations, Bloomingdale’s and digital across nameplates. As a percent of total revenue, SG&A expense increased 10 basis points to 29.8%.


Asset sale gains were $3 million compared to $41 million reflecting fewer transactions year-over-year. The company remains committed to closing underproductive stores taking a disciplined approach to transactions. Its balance sheet strength provides flexibility to generate the best cash value for the company’s assets.


GAAP net income was $507 million4, or 6.4% of total revenue, and Adjusted net income was $458 million, or 5.8% of total revenue. In the fourth quarter of 2024, net income was $342 million, or 4.3% of total revenue, and Adjusted net income was $507 million, or 6.3% of total revenue.


GAAP and Adjusted diluted EPS were $1.844 and $1.67, respectively. In the fourth quarter of 2024, GAAP and Adjusted diluted EPS were $1.21 and $1.80, respectively.


Adjusted earnings before interest, taxes, and depreciation and amortization (“EBITDA”) was $840 million, or 10.6% of total revenue, and Core Adjusted EBITDA5 was $837 million, or 10.6% of total revenue. In the fourth quarter of 2024, Adjusted EBITDA was $903 million, or 11.3% of total revenue, and Core Adjusted EBITDA was $862 million, or 10.8% of total revenue.


Fiscal Year 2025 Results1 (comparisons are to fiscal year 2024)


Macy’s, Inc. net sales, inclusive of store closures, decreased 2.4%2 to $21.8 billion, with comparable sales up 1.5%. Comparable sales growth at Macy’s Reimagine 125 locations, Bloomingdale’s, Bluemercury and digital channels were offset primarily by Macy’s non-go-forward locations.


Macy’s, Inc. go-forward3 business comparable sales were up 1.7%. By nameplate:



Macy’s net sales, inclusive of store closures, were down 3.8%2. Comparable sales were up 0.4%. Macy’s go-forward business comparable sales were up 0.6%.


Reimagine 125 locations comparable sales were up 1.0%.






Bloomingdale’s net sales were up 6.3%, with comparable sales up 7.4%.



Bluemercury net sales were up 2.6% and comparable sales were up 1.6%.



Other revenue of $857 million increased $144 million, or 20.2%. Within Other revenue:



Credit card net revenues increased $132 million, or 24.6%, to $669 million, reflecting the health of the portfolio.



Macy’s Media Network net revenue rose $12 million, or 6.8%, to $188 million.



Gross margin rate of 38.0% declined 40 basis points. The decline was attributable to a 40 basis point tariff impact and proactive markdowns on remaining early Spring product in the second quarter to maintain healthy inventories and product bought under prior tariff rates.


SG&A expense of $8.2 billion decreased $90 million, reflecting the net benefit from the 64 closed Macy’s locations, continued cost containment efforts and end-to-end savings initiatives, partially offset by ongoing investments in the go-forward business, including Reimagine 125 locations, Bloomingdale’s and digital across nameplates. As a percent of total revenue, SG&A expense increased 20 basis points to 36.4%.


Asset sale gains of $48 million were $96 million lower. As part of its Bold New Chapter strategy, in fiscal year 2025, the company monetized non-go-forward assets, which contributed to fiscal year asset sale gains.


GAAP net income was $642 million4, or 2.8% of total revenue, and Adjusted net income was $643 million, or 2.8% of total revenue. In fiscal year 2024, net income was $582 million, or 2.5% of total revenue, and Adjusted net income was $745 million, or 3.2% of total revenue.


GAAP diluted EPS was $2.324 and Adjusted diluted EPS was $2.32, compared to GAAP diluted EPS of $2.07 and Adjusted diluted EPS of $2.64 in fiscal year 2024.


Adjusted EBITDA was $1.8 billion, or 8.1% of total revenue, and Core Adjusted EBITDA5 was $1.8 billion or 7.9% of total revenue. In fiscal year 2024, Adjusted EBITDA was $2.0 billion, or 8.6% of total revenue, and Core Adjusted EBITDA was $1.8 billion, or 8.0% of total revenue


Balance Sheet and Liquidity


Merchandise inventories decreased 1.3% year-over-year. The company believes the composition and level of inventories are well-positioned heading into fiscal year 2026.


The company ended fiscal year 2025 with cash and cash equivalents of $1.2 billion and had $2.0 billion of available borrowing capacity under its asset-based credit facility.


As of the end of fiscal year 2025, total debt was $2.4 billion. The company has no material long-term debt maturities until 2030.


Shareholder Returns


Through its quarterly dividend, the company returned $48 million in cash to shareholders in the fourth quarter of 2025, and $197 million for the 2025 fiscal year. Additionally, on February 27, 2026, Macy’s, Inc.’s board of directors declared a regular quarterly dividend of 19.15 cents per share on Macy's, Inc.’s common stock, an increase of 5%, payable on April 1, 2026, to shareholders of record at the close of business on March 13, 2026.


During the fourth quarter of 2025, the company repurchased 2.3 million of its shares for $50 million, bringing total fiscal year 2025 repurchases to 17.7 million shares for $251 million. The company had approximately $1.1 billion remaining under its $2.0 billion share repurchase authorization as of the end of fiscal year 2025.




1: Comparable sales refers to owned-plus-licensed-plus-marketplace sales.








2: Reflects the impact of fiscal 2024 store closures, primarily Macy’s nameplate locations, which contributed approximately $200 million in the fourth quarter of 2024 and approximately $700 million in full year 2024.








3: Inclusive of go-forward locations and digital, unless otherwise specified. For Macy’s, Inc. this reflects go-forward locations and digital across all three nameplates.








4: Inclusive of $328 million of pre-tax income related to the settlement of agreements to resolve credit card interchange fee litigation matters, net of legal fees.








5: Defined as Adjusted EBITDA excluding asset sale gains.







2026 Guidance


The company is providing its annual fiscal year 2026 guidance. It recognizes that there are macroeconomic and geopolitical factors that could influence discretionary spend. As such, the company is taking a prudent approach to guidance, giving flexibility within its business model to respond to changes in the competitive landscape and external environment. Guidance assumes the first half of the year will have a larger tariff impact than the second half, with the first quarter having the most meaningful impact. Additionally, guidance reflects the investments to be made in the company’s Reimagine 200 locations and luxury nameplates to support long-term top-line growth, and fewer non-go-forward store closures in fiscal 2025 than fiscal 2024.


The full outlook for 2026, including the first quarter of 2026, can be found in the presentation posted to www.macysinc.com/investors. For Macy’s, Inc. the company expects:




 






Fiscal 2026 Guidance






Fiscal 2025 Actuals








Net sales1






$21.4 billion to $21.65 billion






$21.8 billion








Comparable sales change2






(0.5%) to 0.5%






1.5%








Adjusted EBITDA as a percent of total revenue3






7.7% to 7.9%






7.9%








Adjusted diluted EPS3, 4






$1.90 to $2.10






$2.15









1: Reflects the impact of fiscal 2025 store closures which contributed roughly $145 million of annual net sales.








2: Comparable sales refers to owned-plus-licensed-plus-marketplace sales.








3: Updated definitions to now exclude gains on sale of real estate and benefit plan income based on the company’s non-GAAP definitions as described in its Form 8-K filing on February 18, 2026.








4: The impact of any potential future share repurchases associated with the company’s current share repurchase authorization is not considered within guidance.







The company does not provide reconciliations of the forward-looking non-GAAP measures of Adjusted EBITDA as a percent of total revenue and adjusted diluted EPS to the most directly comparable forward-looking GAAP measures, and is unable to address the probable significance to future results of any items excluded from these measures, because the timing and amount of excluded items are unreasonably difficult to fully and accurately estimate. See Important Information Regarding Non-GAAP Financial Measures.


Conference Call and Webcast


A webcast of Macy's, Inc.’s call with analysts and investors to report its fourth quarter and fiscal year 2025 sales and earnings will be held today (March 18, 2026) at 8:00 a.m. ET. Macy’s, Inc.’s webcast, along with the associated presentation, is accessible to the media and general public via the company's website at www.macysinc.com. To participate in the call, analysts and investors may dial 1-877-407-0832. A replay of the conference call will be available on the company’s website or by dialing 1-877-660-6853, using passcode 13757973 about two hours after the conclusion of the call. Additional information on Macy’s, Inc., including past news releases, is available at www.macysinc.com/newsroom.


Important Information Regarding Non-GAAP Financial Measures


Please see the final pages of this news release for important information regarding the calculation of the company’s non-GAAP financial measures.


About Macy’s, Inc.


Macy’s, Inc. (NYSE: M) is a trusted source for quality brands through our iconic nameplates – Macy’s, Bloomingdale’s and Bluemercury. Headquartered in New York City, our comprehensive digital and nationwide footprint empowers us to deliver a seamless shopping experience for our customers. For more information, visit macysinc.com.


Forward-Looking Statements


All statements in this press release that are not statements of historical fact are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are based upon the current beliefs and expectations of Macy’s management and are subject to significant risks and uncertainties. Actual results could differ materially from those expressed in or implied by the forward-looking statements contained in this release because of a variety of factors, including Macy’s ability to successfully implement its Bold New Chapter strategy, including the ability to realize the anticipated benefits associated with the strategy, competitive pressures from specialty stores, general merchandise stores, off-price and discount stores, manufacturers’ outlets, the Internet and catalogs and general consumer spending levels, including the impact of the availability and level of consumer debt, conditions to, or changes in the timing of proposed real estate and other transactions, declines in credit card revenues, possible systems failures and/or security breaches, business, legal and ethical challenges related to use of artificial intelligence, Macy’s reliance on foreign sources of production, including risks related to the disruption of imports by labor disputes, regional or global health pandemics, regional political and economic conditions, the effect of potential changes to trade policies, the effect of weather, inflation, inventory shortage, and labor shortages, the potential for the incurrence of charges in connection with the impairment of tangible and intangible assets, including goodwill, the amount and timing of future dividends and share repurchases, our ability to execute on our strategies and achieve expectations related to environmental, social, and governance matters, and other factors identified in documents filed by the company with the Securities and Exchange Commission, including under the captions “Forward-Looking Statements” and “Risk Factors” in the company’s Annual Report on Form 10-K for the year ended February 1, 2025. Macy’s disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.



 



MACY’S, INC.




Consolidated Statements of Operations (Unaudited)




(All amounts in millions except percentages and per share figures)








 








 






13 Weeks Ended

January 31, 2026






 






13 Weeks Ended

February 1, 2025








 






$






 






% to

Net

sales






 






% to




Total




revenue






 






$






 






% to

Net

sales






 






% to




Total




revenue








Net sales






$






7,639






 






 






 






 






 






 






$






7,768






 






 






 






 






 








Other revenue (Note 1)






 






277






 






 






3.6






%






 






 






 






 






239






 






 






3.1






%






 






 








Total revenue






 






7,916






 






 






 






 






 






 






 






8,007






 






 






 






 






 








Cost of sales






 






(4,947






)






 






(64.8






%)






 






 






 






 






(4,991






)






 






(64.3






%)






 






 








Selling, general and administrative expenses






 






(2,359






)






 






 






 






(29.8






%)






 






 






(2,382






)






 






 






 






(29.7






%)








Gains on sale of real estate






 






3






 






 






 






 






—






%






 






 






41






 






 






 






 






0.5






%








Impairment, restructuring and other costs






 






(196






)






 






 






 






(2.5






%)






 






 






(175






)






 






 






 






(2.2






%)








Interchange fee settlement, net






 






328






 






 






 






 






4.1






%






 






 






—






 






 






 






 






—






%








Operating income






 






745






 






 






 






 






9.4






%






 






 






500






 






 






 






 






6.2






%








Benefit plan income, net






 






4






 






 






 






 






 






 






 






4






 






 






 






 






 








Pension settlement charges






 






(67






)






 






 






 






 






 






 






(46






)






 






 






 






 








Interest expense, net






 






(20






)






 






 






 






 






 






 






(22






)






 






 






 






 








Income before income taxes






 






662






 






 






 






 






 






 






 






436






 






 






 






 






 








Federal, state and local income tax expense (Note 2)






 






(155






)






 






 






 






 






 






 






(94






)






 






 






 






 








Net income






$






507






 






 






 






 






 






 






$






342






 






 






 






 






 








Basic earnings per share






$






1.91






 






 






 






 






 






 






$






1.23






 






 






 






 






 








Diluted earnings per share






$






1.84






 






 






 






 






 






 






$






1.21






 






 






 






 






 








Average common shares:






 






 






 






 






 






 






 






 






 






 






 








Basic






 






265.2






 






 






 






 






 






 






 






278.5






 






 






 






 






 








Diluted






 






274.9






 






 






 






 






 






 






 






282.6






 






 






 






 






 








End of period common shares outstanding






 






263.0






 






 






 






 






 






 






 






277.7






 






 






 






 






 








Supplemental Financial Measures:






 






 






 






 






 






 






 






 






 






 






 








Gross Margin (Note 3)






$






2,692






 






 






35.2






%






 






 






 






$






2,777






 






 






35.7






%






 






 








Depreciation and amortization expense






$






223






 






 






 






 






 






 






$






224






 






 






 






 






 












MACY’S, INC.




Consolidated Statements of Income (Unaudited)




(All amounts in millions except percentages and per share figures)








 








 






52 Weeks Ended

January 31, 2026






 






52 Weeks Ended

February 1, 2025








 






$






 






% to

Net

sales






 






% to




Total




revenue






 






$






 






% to

Net

sales






 






% to




Total




revenue








Net sales






$






21,764






 






 






 






 






 






 






$






22,293






 






 






 






 






 








Other revenue (Note 1)






 






857






 






 






3.9






%






 






 






 






 






713






 






 






3.2






%






 






 








Total revenue






 






22,621






 






 






 






 






 






 






 






23,006






 






 






 






 






 








Cost of sales






 






(13,497






)






 






(62.0






%)






 






 






 






 






(13,740






)






 






(61.6






%)






 






 








Selling, general and administrative expenses






 






(8,240






)






 






 






 






(36.4






%)






 






 






(8,330






)






 






 






 






(36.2






%)








Gains on sale of real estate






 






48






 






 






 






 






0.2






%






 






 






144






 






 






 






 






0.6






%








Impairment, restructuring and other costs






 






(230






)






 






 






 






(1.0






%)






 






 






(171






)






 






 






 






(0.7






%)








Interchange fee settlement, net






 






328






 






 






 






 






1.4






%






 






 






—






 






 






 






 






—






%








Operating income






 






1,030






 






 






 






 






4.6






%






 






 






909






 






 






 






 






4.0






%








Benefit plan income, net






 






16






 






 






 






 






 






 






 






16






 






 






 






 






 








Pension settlement charges






 






(67






)






 






 






 






 






 






 






(46






)






 






 






 






 








Interest expense, net






 






(97






)






 






 






 






 






 






 






(115






)






 






 






 






 








Loss on extinguishment of debt






 






(33






)






 






 






 






 






 






 






(1






)






 






 






 






 








Income before income taxes






 






849






 






 






 






 






 






 






 






763






 






 






 






 






 








Federal, state and local income tax expense (Note 2)






 






(207






)






 






 






 






 






 






 






(181






)






 






 






 






 








Net income






$






642






 






 






 






 






 






 






$






582






 






 






 






 






 








Basic earnings per share






$






2.37






 






 






 






 






 






 






$






2.10






 






 






 






 






 








Diluted earnings per share






$






2.32






 






 






 






 






 






 






$






2.07






 






 






 






 






 








Average common shares:






 






 






 






 






 






 






 






 






 






 






 








Basic






 






270.6






 






 






 






 






 






 






 






277.7






 






 






 






 






 








Diluted






 






276.5






 






 






 






 






 






 






 






281.6






 






 






 






 






 








End of period common shares outstanding






 






263.0






 






 






 






 






 






 






 






277.7






 






 






 






 






 








Supplemental Financial Measures:






 






 






 






 






 






 






 






 






 






 






 








Gross Margin (Note 3)






$






8,267






 






 






38.0






%






 






 







$






8,553






 






 






38.4






%






 






 








Depreciation and amortization expense






$






894






 






 






 






 






 






 






$






881






 






 






 






 






 












MACY’S, INC.




Consolidated Balance Sheets (Unaudited)




(millions)








 








 






January 31,

2026






 






February 1,

2025








ASSETS:






 






 






 








Current Assets:






 






 






 








Cash and cash equivalents






$






1,246






 






$






1,306








Receivables






 






628






 






 






303








Merchandise inventories






 






4,412






 






 






4,468








Prepaid expenses and other current assets






 






387






 






 






385








Income taxes receivable






 






—






 






 






17








Total Current Assets






 






6,673






 






 






6,479








Property and Equipment – net






 






4,743






 






 






5,070








Right of Use Assets






 






2,136






 






 






2,243








Goodwill






 






828






 






 






828








Other Intangible Assets – net






 






420






 






 






425








Other Assets






 






1,438






 






 






1,357








Total Assets






$






16,238






 






$






16,402








LIABILITIES AND SHAREHOLDERS’ EQUITY:






 






 






 








Current Liabilities:






 






 






 








Short-term debt






$






—






 






$






6








Merchandise accounts payable






 






1,807






 






 






1,893








Accounts payable and accrued liabilities






 






2,615






 






 






2,625








Income taxes payable






 






71






 






 






—








Total Current Liabilities






 






4,493






 






 






4,524








Long-Term Debt






 






2,432






 






 






2,773








Long-Term Lease Liabilities






 






2,772






 






 






2,927








Deferred Income Taxes






 






805






 






 






724








Other Liabilities






 






876






 






 






902








Shareholders' Equity






 






4,860






 






 






4,552








Total Liabilities and Shareholders’ Equity






$






16,238






 






$






16,402












MACY’S, INC.




Consolidated Statements of Cash Flows (Unaudited) (Note 4)




(millions)








 








 






52 Weeks Ended

January 31, 2026






 






52 Weeks Ended

February 1, 2025








Cash flows from operating activities:






 






 






 








Net income






$






642






 






 






$






582






 








Adjustments to reconcile net income to net cash provided by operating activities:






 






 






 








Impairment, restructuring and other costs






 






230






 






 






 






171






 








Pension settlement charges






 






67






 






 






 






46






 








Depreciation and amortization






 






894






 






 






 






881






 








Benefit plans






 






2






 






 






 






2






 








Stock-based compensation expense






 






59






 






 






 






58






 








Gains on sale of real estate






 






(48






)






 






 






(144






)








Deferred income taxes






 






62






 






 






 






(52






)








Amortization of financing costs and premium on acquired debt






 






8






 






 






 






11






 








Changes in assets and liabilities:






 






 






 








(Increase) decrease in receivables






 






(325






)






 






 






2






 








(Increase) decrease in merchandise inventories






 






51






 






 






 






(51






)








(Increase) decrease in prepaid expenses and other current assets






 






(13






)






 






 






11






 








Decrease in merchandise accounts payable






 






(74






)






 






 






(11






)








Decrease in accounts payable and accrued liabilities






 






(83






)






 






 






(49






)








Increase (decrease) in current income taxes






 






77






 






 






 






(69






)








Change in other assets and liabilities






 






(119






)






 






 






(110






)








Net cash provided by operating activities






 






1,430






 






 






 






1,278






 








Cash flows from investing activities:






 






 






 








Purchase of property and equipment






 






(373






)






 






 






(518






)








Capitalized software






 






(367






)






 






 






(364






)








Proceeds from disposition of assets, net






 






107






 






 






 






283






 








Other, net






 






(6






)






 






 






7






 








Net cash used by investing activities






 






(639






)






 






 






(592






)








Cash flows from financing activities:






 






 






 








Debt issued






 






500






 






 






 






301






 








Debt issuance costs






 






(13






)






 






 






(1






)








Debt repaid






 






(846






)






 






 






(524






)








Debt repurchase premium and expenses






 






(27






)






 






 






1






 








Dividends paid






 






(197






)






 






 






(192






)








Increase (decrease) in outstanding checks






 






(19






)






 






 






3






 








Acquisition of treasury stock






 






(250






)






 






 






(1






)








Net cash used by financing activities






 






(852






)






 






 






(413






)








Net increase (decrease) in cash, cash equivalents and restricted cash






 






(61






)






 






 






273






 








Cash, cash equivalents and restricted cash beginning of period






 






1,310






 






 






 






1,037






 








Cash, cash equivalents and restricted cash end of period






$






1,249






 






 






$






1,310






 









MACY’S, INC.




Consolidated Financial Statements (Unaudited)








Notes:



(1)







Other Revenue is inclusive of the following amounts. All amounts in millions except percentages.











 



 






13 Weeks Ended

January 31, 2026






 






13 Weeks Ended

February 1, 2025








 






$






 






% to

Net sales






 






$






 






% to

Net sales








Credit card revenues, net






$






205






 






2.7






%






 






$






175






 






2.3






%








Macy's Media Network revenue, net






 






72






 






0.9






%






 






 






64






 






0.8






%








Other Revenue






$






277






 






3.6






%






 






$






239






 






3.1






%








 






 






 






 






 






 






 






 








Net Sales






$






7,639






 






 






 






$






7,768






 






 








 






 






 






 






 






 






 






 








 






52 Weeks Ended

January 31, 2026






 






52 Weeks Ended




February 1, 2025








 






$






 






% to

Net sales






 






$






 






% to

Net sales








Credit card revenues, net






$






669






 






3.1






%






 






$






537






 






2.4






%








Macy's Media Network revenue, net






 






188






 






0.9






%






 






 






176






 






0.8






%








Other Revenue






$






857






 






3.9






%






 






$






713






 






3.2






%








 






 






 






 






 






 






 






 








Net Sales






$






21,764






 






 






 






$






22,293






 






 









(2)







Income tax expense of $155 million and $207 million, or 23.4% and 24.4% of pretax income, for the 13 and 52 weeks ended January 31, 2026, respectively, reflect a different effective tax rate as compared to the company’s federal income tax statutory rate of 21% driven primarily by the impact of state and local taxes.










 










Income tax expense of $94 million and $181 million, or 21.6% and 23.7% of pretax income, for the 13 and 52 weeks ended February 1, 2025, reflected a different effective tax rate as compared to the company's federal income tax statutory rate of 21% driven primarily by the impact of state and local taxes.










 








(3)







Gross margin is defined as net sales less cost of sales.










 








(4)







Restricted cash of $3 million and $4 million have been included with cash and cash equivalents for the 52 weeks ended January 31, 2026 and February 1, 2025, respectively.









MACY’S, INC.




Important Information Regarding Non-GAAP Financial Measures







The company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). However, management believes that certain non-GAAP financial measures provide users of the company's financial information with additional useful information in evaluating operating performance. Management believes that providing earnings before interest, taxes, depreciation and amortization (EBITDA) is a non-GAAP financial measure which the company believes provides meaningful information about its operational efficiency by excluding the impact of changes in tax law and structure, debt levels and capital investment. In addition, management believes that excluding certain items from EBITDA, net income and diluted earnings per share that are not associated with the company’s core operations and that may vary substantially in frequency and magnitude from period-to-period provides useful supplemental measures that assist in evaluating the company's ability to generate earnings and to more readily compare these metrics between past and future periods. Management also believes free cash flow provides a better indication of the ongoing cash being generated that is ultimately available for both debt and equity holders as well as other investment opportunities. Unlike cash flow provided by operating activities, free cash flow includes the impact of capital expenditures and proceeds from the disposition of property and equipment, providing a more complete picture of cash generation. Free cash flow has certain limitations, including that it does not reflect adjustment for certain non-discretionary cash flows such as mandatory debt repayments.


The company does not provide reconciliations of the forward-looking non-GAAP measures of Adjusted EBITDA as a percent of total revenue and adjusted diluted earnings per share to the most directly comparable forward-looking GAAP measures, and is unable to address the probable significance to future results of any items excluded from these measures, because the timing and amount of excluded items are unreasonably difficult to fully and accurately estimate.


Non-GAAP financial measures should be viewed as supplementing, and not as an alternative or substitute for, the company's financial results prepared in accordance with GAAP. Certain of the items that may be excluded or included in non-GAAP financial measures may be significant items that could impact the company's financial position, results of operations or cash flows and should therefore be considered in assessing the company's actual and future financial condition and performance. Additionally, the amounts received by the company on account of sales of departments licensed to third parties and marketplace sales are limited to commissions received on such sales. The methods used by the company to calculate its non-GAAP financial measures may differ significantly from methods used by other companies to compute similar measures. As a result, any non-GAAP financial measures presented herein may not be comparable to similar measures provided by other companies.




MACY’S, INC.
Important Information Regarding Non-GAAP Financial Measures




(All amounts in millions except percentages and per share figures)







Non-GAAP financial measures, excluding certain items below, are reconciled to the most directly comparable GAAP measure as follows:



EBITDA, adjusted EBITDA and core adjusted EBITDA are reconciled to GAAP net income.



Adjusted net income is reconciled to GAAP net income.



Adjusted diluted earnings per share is reconciled to GAAP diluted earnings per share.





EBITDA, Adjusted EBITDA and Core Adjusted EBITDA








 








 






13 Weeks Ended

January 31, 2026







13 Weeks Ended

February 1, 2025








Net income






$






507






 







$






342






 








Interest expense, net






 






20






 






 






 






22






 








Federal, state and local income tax expense






 






155






 







 






94






 








Depreciation and amortization






 






223






 







 






224






 








EBITDA






 






905






 







 






682






 








Impairment, restructuring and other costs






 






196






 







 






175






 








Interchange fee settlement, net






 






(328






)







 






—






 








Pension settlement charges






 






67






 







 






46






 








Adjusted EBITDA






$






840






 







$






903






 








Gains on sale of real estate






$






(3






)







$






(41






)








Core Adjusted EBITDA






$






837






 







$






862






 









 






52 Weeks Ended

January 31, 2026






 






52 Weeks Ended

February 1, 2025








Net income






$






642






 






 






$






582






 








Interest expense, net






 






97






 






 






 






115






 








Loss on extinguishment of debt






 






33






 






 






 






1






 








Federal, state and local income tax expense






 






207






 






 






 






181






 








Depreciation and amortization






 






894






 






 






 






881






 








EBITDA






 






1,873






 






 






 






1,760






 








Impairment, restructuring and other costs






 






230






 






 






 






171






 








Interchange fee settlement, net






 






(328






)






 






 






—






 








Pension settlement charges






 






67






 






 






 






46






 








Adjusted EBITDA






$






1,842






 






 






$






1,977






 








Gains on sale of real estate






$






(48






)






 






$






(144






)








Core Adjusted EBITDA






$






1,794






 






 






$






1,833






 












Adjusted Net Income and Adjusted Diluted Earnings Per Share








 










 



 






13 Weeks Ended

January 31, 2026






 






13 Weeks Ended

February 1, 2025








 






Net

Income






 






Diluted

Earnings

Per Share






 






Net

Income






 






Diluted

Earnings

Per Share








As reported






$






507






 






 






$






1.84






 






 






$






342






 






 






$






1.21






 








Impairment, restructuring and other costs






 






196






 






 






 






0.71






 






 






 






175






 






 






 






0.62






 








Interchange fee settlement, net






 






(328






)






 






 






(1.19






)






 






 






—






 






 






 






—






 








Pension settlement charges






 






67






 






 






 






0.24






 






 






 






46






 






 






 






0.16






 








Income tax impact of items identified above






 






16






 






 






 






0.07






 






 






 






(56






)






 






 






(0.19






)








As adjusted to exclude items above






$






458






 






 






$






1.67






 






 






$






507






 






 






$






1.80






 









 






52 Weeks Ended

January 31, 2026






 






52 Weeks Ended

February 1, 2025








 






Net

Income






 






Diluted

Earnings

Per Share






 






Net

Income






 






Diluted

Earnings

Per Share








As reported






$






642






 






 






$






2.32






 






 






$






582






 






 






$






2.07






 








Impairment, restructuring and other costs






 






230






 






 






 






0.83






 






 






 






171






 






 






 






0.61






 








Interchange fee settlement, net






 






(328






)






 






 






(1.19






)






 






 






—






 






 






 






—






 








Pension settlement charges






 






67






 






 






 






0.24






 






 






 






46






 






 






 






0.16






 








Loss on extinguishment of debt






 






33






 






 






 






0.12






 






 






 






1






 






 






 






—






 








Income tax impact of items identified above






 






(1






)






 






 






—






 






 






 






(55






)






 






 






(0.20






)








As adjusted to exclude items above






$






643






 






 






$






2.32






 






 






$






745






 






 






$






2.64






 











 



Free Cash Flow











 






 






 






 








 






52 Weeks Ended

January 31, 2026






 






52 Weeks Ended

February 1, 2025








Net cash provided by operating activities






$






1,430






 






 






$






1,278






 








Purchase of property and equipment






 






(373






)






 






 






(518






)








Capitalized software






 






(367






)






 






 






(364






)








Proceeds from disposition of assets, net






 






107






 






 






 






283






 








Free Cash Flow






$






797






 






 






$






679






 







 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260318878750/en/
Media – Chris Grams

communications@macys.com
Investors – Pamela Quintiliano

investors@macys.com


Original: Macy’s, Inc. and Macy’s Return to Annual Comparable Sales Growth; Fourth Quarter and Fiscal Year 2025 Results Exceed Guidance