.7 per cent. Growth extended across its portfolio, led by Bloomingdale’s, which achieved its highest-ever second-quarter sales volume. The namesake brand and Bluemercury also recorded gains, while the Reimagine locations continued to outperform the wider Macy’s chain. The improved sales performance helped lift adjusted EBITDA from US$373 million to US$457 million. Tony Spring, Macy’s Inc.’s chairman and CEO, attributed the result to investments under its turnaround plan, including the continued development of the Reimagine locations and enhancements to the company’s product assortment. “As we enter the second half of the year, we remain focused on scaling what is resonating most with customers – exciting brands and assortments and compelling events and experiences,” he said. “Combined with disciplined execution, we expect these efforts to continue to build a durable foundation for sustainable, profitable growth.” The result prompted Macy’s Inc. to raise its outlook for the 2026 fiscal year. It now expects net sales of between US$21.675 billion and US$21.825 billion, up from its previous forecast of US$21.5 billion to US$21.75 billion and compared with the consensus estimate of US$21.72 billion. What experts have to say about Macy’s Q2 2026 results Neil Saunders, managing director at GlobalData, told Inside Retail that the company had maintained its positive momentum. “As it moves deeper into the fiscal year, Macy’s has pleasingly maintained its positive sales trajectory. All divisions remain in growth, which has pushed up group comparable sales by a healthy 2.7 per cent.” While that figure was slightly below the previous quarter’s 3.0 per cent, Saunders noted that it followed a positive prior-year comparison. This meant Macy’s had achieved a two-year stack of growth despite a tightening retail market in which expansion had also moderated slightly. Beyond the financial results, he said there had been many positive changes in the retailer’s customer metrics, including satisfaction, cross-shopping and share of wallet. “It is now undeniable that Macy’s has pulled itself out of the spiral of decline that used to plague the business,” said Saunders. However, he cautioned that there was still more work to do. “There is, of course, more to do, but the core is considerably more stable and interesting than it once was, and there is a base from which to build. Macy’s clearly wants to invest further, hence the decision to direct some US$96 million of the tariff refund into its reinvention program. The market [which dropped by roughly four per cent following the Q2 2026 report release] may greet this with mixed views, but in our opinion it’s the right thing to do.” Saunders said Macy’s Inc. would need to remain focused on strengthening profitability. However, he argued that this would follow improvements to the company’s sales, which are currently its main focus. “In the past, every single Macy’s earnings day was a tale of gloom and decline. That now isn’t the case. And that, in itself, is a major win and a testament to the work that is being done,” said Saunders. Christine Russo, principal of a retail creative and consulting agency, similarly attributed the company’s progress to its turnaround strategy. “The Bold New Chapter announced in Feb 2024 by CEO Tony Spring is driving improvements across the portfolio.” Russo said the Reimagine stores were helping to revive the overall shopping experience through additional dedicated floor staff, updated lighting, modernised visual merchandising, improved fitting rooms and new floor layouts. She also said Macy’s Inc.’s brand portfolio was being curated more effectively through data-based decisions, resulting in higher sell-through rates. “Refocusing on the customer experience is leading the change,” said Russo. Can Macy’s Inc. keep up this momentum? The general consensus among retail experts is yes, but with caveats. Barney Stacher, CEO of consultancy Retail OCD, told Inside Retail that the results demonstrated the continuing relevance of department stores that give customers a reason to visit. “Macy’s results suggest the department store isn’t dead – the mediocre department store is. Customers will still show up when the merchandise feels fresh, the environment feels cared for and the experience offers something beyond racks of promotional inventory.” However, Stacher said the trend from Q1 to Q2 was as revealing as it was encouraging. The stronger comparable sales growth at Bloomingdale’s and Bluemercury shows that Macy’s Inc. has developed a successful premium and luxury playbook but has not yet fully translated it to its namesake chain. The continued outperformance of the 200 Reimagine stores against the broader Macy’s banner provides further evidence that investment in better merchandise, staffing and presentation is working. “But 1.9 per cent growth is proof of concept, not a victory lap. Macy’s now has to scale what works without sanding off the local relevance and discovery that made those stores work in the first place,” said Stacher. Stacher said the challenge was to prevent Macy’s from becoming a luxury company carrying a department-store turnaround on its back. To sustain momentum, the namesake brand will need a sharper assortment, more newness, empowered store associates and a clearer reason for customers to visit Macy’s rather than simply buy the same brands somewhere else. “The EBITDA improvement is meaningful, but tariff refunds contributed to the quarter, so the cleaner long-term test is whether Macy’s can continue improving full-price selling and productivity after that benefit disappears. The raised outlook says management has earned greater confidence, but the holiday season will tell us whether this is a genuine reinvention or simply a very good couple of quarters.”