Macy's posts strongest Q1 growth in four years, raises guidance despite consumer worries
Macy's reported its strongest first-quarter sales growth in four years, indicating a successful turnaround strategy. The company raised its full fiscal year guidance due to better-than-expected sales and profitability. CEO Tony Spring noted that while tax refunds contributed to growth, steady consumer behavior was a key factor in their positive outlook.
- ▪Macy's comparable sales grew 3% overall during the first quarter.
- ▪Bloomingdale's saw a 10.2% increase in comparable sales, aided by unique brands and market disruptions.
- ▪The company raised its 2026 net sales expectations to between $21.5 billion and $21.75 billion.
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Macy's posted its strongest first-quarter comparable sales performance in four years on Wednesday, as the legacy department store's turnaround continues to show progress. Led by the 200 so-called reimagined stores Macy's has upgraded, comparable sales grew 3% overall during the quarter and 1.6% at its namesake banner. At Bloomingdale's, comparable sales grew 10.2%, helped by an array of buzzy brands, a "fun factor" unique in the luxury landscape and the recent bankruptcy of rival Saks Fifth Avenue, CEO Tony Spring told CNBC in an interview. "Is the disruption in the marketplace helpful to us? Sure," he said.
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