TLDR
- Macy’s beat Q2 earnings estimates with 41 cents per share vs 18 cents expected, driving 10%+ premarket stock gains
- First positive same-store sales growth in 12 quarters at 0.8%, with focus stores up 1.1%
- Full-year guidance raised to $1.70-$2.05 EPS and $21.15-$21.45B revenue
- CEO Tony Spring’s turnaround strategy showing results through store renovations and strategic closures
- Bloomingdale’s and Bluemercury continue outperforming main Macy’s brand with 3.6% and 1.2% growth respectively
Macy’s stock jumped over 10% in premarket trading Wednesday after the retailer delivered second-quarter results that crushed Wall Street expectations. The department store chain posted adjusted earnings of 41 cents per share, significantly beating the 18 cents analysts had forecast.

Revenue reached $4.81 billion, topping estimates of $4.76 billion. While total sales declined 2.5% year-over-year, this primarily reflects over 60 store closures completed under CEO Tony Spring’s restructuring plan.
Macy’s, Inc., $M, Q2-25. Results:
📊 Adj. EPS: $0.41 🟢
💰 Revenue: $4.8B 🔴
📈 Net Income: $87M
🔎 Macy’s delivered its strongest comp sales growth in 12 quarters, driven by Reimagine 125 stores, Bloomingdale’s, and Bluemercury. pic.twitter.com/yKPDrzub4J— EarningsTime (@Earnings_Time) September 3, 2025
The breakthrough moment came with same-store sales performance. Macy’s achieved 0.8% growth in comparable sales, ending a 12-quarter streak of declines. This marks the retailer’s best performance in three years.
Turnaround Strategy Gains Momentum
Spring’s “Bold New Chapter” strategy focuses investment on 350 higher-performing locations while shuttering weaker stores. The approach appears to be working.
The 125 priority stores receiving enhanced staffing and renovations delivered 1.1% comparable sales growth. These locations consistently outperform the broader Macy’s network.
“We’re just well positioned right now for the environment we’re in to take share, to deliver for our customers and to provide a better experience,” Spring told CNBC.
The CEO highlighted particular strength in denim, women’s contemporary apparel, and watches. Multiple product categories showing momentum creates a stronger foundation for sustained growth.
Macy’s other brands continue delivering solid results. Bloomingdale’s posted 3.6% comparable sales growth while Bluemercury achieved 1.2% growth. Both consistently outperform the main Macy’s stores.
Raised Outlook Despite Challenges
Management boosted full-year guidance following the strong quarter. Adjusted earnings are now expected between $1.70 and $2.05 per share, up from $1.60 to $2.00 previously.
Revenue guidance increased to $21.15 billion to $21.45 billion from the prior $21 billion to $21.4 billion range.
This guidance raise follows last quarter’s outlook cut due to tariff uncertainty. The company has since incorporated tariff impacts into planning while implementing selective price increases.
CFO Tom Edwards indicated more price adjustments may come. “We’re adjusting prices, but as appropriate, not broad-based and really assessing it with our partners in an effort to remain competitive,” Edwards said.
Credit card revenue jumped $28 million to $153 million, reflecting improved customer engagement. Net income reached $87 million, or 31 cents per share, compared to $150 million in the prior year.
Spring remains optimistic about consumer resilience, noting continued spending on new items and fashion. The retailer enters fall with what management describes as a healthy inventory position.
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