Macy’s Q2 2025 Earnings Show Strong Same-Store Sales Despite Revenue Dip

September 3, 2025 — Macy’s Inc. reported its second-quarter 2025 earnings, highlighting solid same-store sales growth and a cautiously optimistic outlook, even as overall revenue declined slightly.

Key Financial Highlights

Adjusted Earnings Per Share (EPS): $0.41, surpassing analyst expectations and demonstrating strong operational performance despite a year-over-year decline of 22.6%.
Revenue: $4.8 billion, down 2.5% from the previous year, primarily due to the closure of over 60 underperforming stores.
Same-Store Sales Growth: 1.9% on a combined owned-plus-licensed-plus-marketplace basis, marking the company’s best comparable performance in 12 quarters.

Segment Performance

Macy’s Brand: Comparable sales increased 1.2%, with renovated “Reimagine 125” stores outperforming the average at 1.4% growth.
Bloomingdale’s: Posted a 5.7% increase in comparable sales, continuing its streak of quarterly growth.
Bluemercury: Saw a 1.2% rise in comparable sales, maintaining its 18th consecutive quarter of growth.

Strategic Initiatives

Macy’s continues implementing its “Bold New Chapter” strategy, which focuses on enhancing the customer experience, optimizing store portfolios, and expanding its luxury offerings. The company has also reduced reliance on Chinese imports, with private brand sourcing from China dropping from 32% to 27%.

Outlook

Third Quarter 2025: Net sales are expected between $4.5 billion and $4.6 billion, with comparable sales projected between -1.5% and +0.5%. Adjusted EPS is forecasted between -$0.20 and -$0.15.
Full-Year 2025: Adjusted EPS is expected to range from $1.70 to $2.05, with net sales estimated between $21.15 billion and $21.45 billion, reflecting caution due to tariffs and consumer spending trends.

Market Reaction

Shares of Macy’s rose following the earnings report, signaling investor confidence in the company’s strategic direction and resilience in a challenging retail environment.

Macy’s performance demonstrates a careful balance of operational efficiency, store portfolio management, and strategic investments, positioning the company to navigate uncertainties while pursuing sustainable growth in the coming quarters.