Key facts
- Macy's reported 3% comparable sales growth in Q1, the strongest in four years.
- Q1 revenue was $4.68 billion, exceeding the $4.61 billion analyst estimate.
- Adjusted EPS for Q1 was 13 cents, significantly beating the 3-cent estimate.
- Full-year adjusted EPS guidance was raised to $2.00–$2.20.
- Full-year net sales guidance was lifted to $21.5 billion–$21.75 billion.
- Bloomingdale's saw 10.2% comparable sales growth in Q1.
Macy's reported first-quarter results that exceeded analyst expectations, with comparable sales growing 3%, marking the strongest first-quarter performance in four years. Revenue reached $4.68 billion, surpassing the $4.61 billion consensus estimate, and adjusted earnings per share (EPS) came in at 13 cents, significantly beating the 3-cent estimate. The positive results prompted the company to raise its full-year financial outlook. Macy's now anticipates adjusted EPS between $2.00 and $2.20, an increase from the previous range of $1.90 to $2.10. Full-year net sales guidance was also raised to $21.5 billion–$21.75 billion, and the comparable sales outlook was improved to a 0.5% to 1.2% increase. Bloomingdale's was a standout performer with 10.2% comparable sales growth, while the "reimagined" Macy's stores saw a 1.6% increase. CEO Tony Spring attributed the performance to progress in the company's turnaround strategy, focusing on store improvements, staffing, and assortment, with trends continuing into the second quarter.