Macy's 1Q26 Earnings Review

Macy's reported a 1Q26 earnings beat driven by +3.0% comparable sales and raised its full-year guidance. While momentum is strong across Bloomingdale's and Macy's banners, GS remains Neutral due to tougher upcoming H2 comparisons.

Key Takeaways

• 1.Macy's delivered a strong 1Q26 beat with comparable sales of +3.0%, outperforming consensus estimates of +1.4%.
• 2.Management raised full-year EPS guidance to $2.00-$2.20, supported by encouraging trends in the second quarter to date.
• 3.Bloomingdale's was the standout banner with 10.2% comp growth, while the 'Reimagine 200' Macy's stores continued to outperform the fleet.

Table of Contents

• What happened
• Estimates, valuation and key risks
• Disclosure Appendix
• GS Factor Profile
• M&A Rank
• Quantum
• Disclosures
• Company-specific regulatory disclosures
• Distribution of ratings/investment banking relationships
• Price target and rating history chart(s)
• Target price history table(s)
• Regulatory disclosures
• Global product; distributing entities
• General disclosures

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