Macy's, Inc. demonstrated resilience with better-than-expected results in several areas, including net sales and luxury segments, and effective omnichannel strategies. However, challenges remain with a decline in comparable sales, tariff impacts, and increased SG&A expenses as a percentage of revenue.

Company Guidance -

Q2 2025

During Macy's first quarter 2025 earnings call, it was noted that several key metrics exceeded previously issued guidance. Net sales reached $4.6 billion, surpassing the guidance range of $4.4 billion to $4.5 billion. Comparable owned plus license plus marketplace (O plus L plus M) sales declined by 1.2%, which was better than the expected decline of 4.5% to 2.5%. The adjusted diluted EPS of $0.16 also beat the guidance range of $0.12 to $0.15. Macy's reimagined 125 locations performed better than the rest of the fleet, with a comp sales decline of 0.8% compared to a 2.1% decline for the total Macy's nameplate. Bloomingdale's and Blue Mercury both achieved positive comp sales, at 3.8% and 1.5% respectively. Despite these successes, international tourism negatively impacted comps by about 30 basis points. Macy's, Inc. entered the second quarter with inventories down 0.5%, maintaining ample open-to-buy flexibility for the remainder of the year. The company is navigating the current environment with a focus on strategic pricing, inventory management, and leveraging its multi-brand, multi-category model to sustain profitable growth.

Exceeded Guidance on Key Metrics

First quarter net sales, comparable O plus L plus M sales, and adjusted diluted EPS were all above previously issued guidance. Net sales reached $4.6 billion compared to guidance of $4.4 billion to $4.5 billion.

Luxury Segments Show Positive Growth

Bloomingdale's posted a positive 3.8% comp, while Blue Mercury achieved a positive 1.5% comp, marking its seventeenth consecutive quarter of gains.

Strength in Omnichannel and Digital

Omnichannel performance exceeded expectations, with the Backstage concept outperforming full-line stores by several hundred basis points and the marketplace achieving approximately 40% GMV growth.

Reduced China Sourcing Dependency

Sourcing from China for private brands decreased from 32% last year and over 50% pre-pandemic to 27%, reflecting successful diversification efforts.

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
Sep 03, 2025	2025 (Q2)	0.19 / -	0.53	―	―	―
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)
Jun 01, 2023	2023 (Q1)	0.45 / 0.56	1.08	-48.15% (-0.52)

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.

Beat

Missed

M Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
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%
Aug 21, 2024	$16.85	$14.67	-12.94%

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.