Macy's reported a strong second quarter with significant improvements in comparable sales and adjusted EPS, driven by resilient consumer spending and successful luxury strategies. However, challenges remain with tariff impacts on gross margin and a cautious outlook on consumer behavior. The balance of positive sales growth against potential tariff and consumer spending risks presents a mixed sentiment.

Company Guidance

During the Macy's Inc. second quarter 2025 earnings call, the company reported that its top line, bottom line, and core adjusted EBITDA exceeded guidance, with Macy's Inc. achieving a comparable sales growth of 1.9% and GoForward businesses delivering a 2.2% increase. Adjusted EPS came in at $0.41, significantly above the guidance range of $0.15 to $0.20. Inventory at the end of the quarter was down 0.8%. Looking forward, Macy's Inc. provided guidance for fiscal year 2025, expecting net sales between $21.15 billion and $21.45 billion and adjusted EPS ranging from $1.70 to $2.05. The guidance incorporates a 40 to 60 basis point impact from tariffs on gross margin, equating to an EPS impact of $0.25 to $0.40. The company remains cautious regarding the consumer environment and has built its guidance on the assumption of a more choiceful consumer for the remainder of the year.

Strong Comparable Sales Growth

Macy's Inc. achieved comparable sales growth of 1.9%, with the GoForward business delivering 2.2% growth, the strongest in 12 quarters.

Bloomingdale's Positive Momentum

Bloomingdale's achieved a positive 5.7% comp and its highest second quarter sales and net promoter score on record.

Resilient Consumer Spending

The consumer has remained resilient through the first half of the year and quarter to date, with momentum continuing into the third quarter.

Improved Adjusted EPS

Adjusted EPS of $0.41 was above the guidance range of $0.15 to $0.20, reflecting strong sales and disciplined expense controls.

Successful Luxury Strategy

Both Bloomingdale's and Bluemercury maintained positive sales trends, with Bluemercury achieving its 18th consecutive quarter of comparable sales gains.

Debt Maturity Extension

Macy's extended its material long-term debt maturities by three years, with no meaningful maturities due until 2030.

Macy's (M) Earnings, Revenues Date & History

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M Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Nov 13, 2025	2025 (Q3)	-0.16 / -	0.04	―	―	―
Sep 03, 2025	2025 (Q2)	0.19 / 0.41	0.53	-22.64% (-0.12)
May 28, 2025	2025 (Q1)	0.15 / 0.16	0.27	-40.74% (-0.11)
Mar 06, 2025	2024 (Q4)	1.54 / 1.80	2.45	-26.53% (-0.65)
Dec 11, 2024	2024 (Q3)	0.03 / 0.04	0.21	-80.95% (-0.17)
Aug 21, 2024	2024 (Q2)	0.32 / 0.53	0.26	103.85% (+0.27)
May 21, 2024	2024 (Q1)	0.17 / 0.27	0.56	-51.79% (-0.29)
Feb 27, 2024	2023 (Q4)	1.99 / 2.45	1.88	30.32% (+0.57)
Nov 16, 2023	2023 (Q3)	>-0.01 / 0.21	0.52	-59.62% (-0.31)
Aug 22, 2023	2023 (Q2)	0.14 / 0.26	1	-74.00% (-0.74)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

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Missed

M Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Sep 03, 2025	$13.49	$16.28	+20.68%
May 28, 2025	$11.86	$11.82	-0.34%
Mar 06, 2025	$12.93	$12.84	-0.70%
Dec 11, 2024	$16.07	$15.94	-0.81%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.