Macy’s Q1 2026 same-store sales rise 3%, best in four years

Macy’s delivered its strongest quarterly same-store sales in four years during the first quarter of 2026, posting a 3 percent increase that handily beat the 0. 5 percent guidance the company had issued. The result marks a sharp reversal from the negative 2 percent comparable sales recorded in the same period a year earlier. The performance was driven in part by Bloomingdale’s, which recorded its strongest first quarter on record with same-store sales surging 10.

The luxury banner’s momentum provided a significant lift to the overall corporate results and underscored the uneven nature of consumer demand across retail segments. Chief Executive Tony Spring used the stronger-than-expected quarter to raise the company’s full-year guidance for sales, comparable sales and earnings. The move signals confidence that the improvement is not a one-off but reflects a more durable shift in customer behavior, at least within Macy’s portfolio of brands.

The numbers come at a time when Wall Street remains deeply divided over the health of the American consumer. Some analysts point to persistent inflation and elevated interest rates as headwinds that should be suppressing discretionary spending. Others argue that the labor market remains resilient and that shoppers are simply becoming more selective, rewarding retailers that offer clear value or distinctive merchandise. Macy’s results provide evidence for the more optimistic view, at least in the department-store channel.

The 3 percent comp gain was broad enough to lift total revenue above internal forecasts and prompted the company to lift its outlook for the remainder of the fiscal year. The guidance raise covers all three major financial metrics: net sales, comparable sales and adjusted earnings per share. Bloomingdale’s standout quarter suggests that higher-end consumers are still spending freely, even as middle-income shoppers remain cautious. 2 percent increase at Bloomingdale’s was more than three times the pace of the Macy’s namesake banner, reinforcing the bifurcation that has characterized retail since the pandemic.

Spring, who took the helm in early 2024, has been working to streamline operations, refresh merchandise assortments and improve the digital shopping experience. The first-quarter results offer an early validation of that strategy, though the company still faces structural challenges including a heavy store footprint and competition from off-price retailers and e-commerce platforms. The improved performance also comes against a relatively easy comparison. The prior-year first quarter saw a 2 percent decline in same-store sales, meaning some of the current gain reflects a rebound from a weak base.

Still, the magnitude of the beat relative to the company’s own forecast suggests underlying momentum that goes beyond a simple statistical recovery. For now, Macy’s has given investors a concrete data point in the broader debate over consumer health. Whether the trend continues through the rest of 2026 will depend on factors ranging from employment trends to interest rate policy to the resilience of holiday spending. But for the first quarter at least, the numbers tell a clear story: Macy’s is growing again, and its leadership is betting that the trajectory will hold.