Macy’s posted a solid performance for its second quarter, with net sales increasing by 1.1 per cent year-on-year to $4.9bn.
The company’s comparable sales went up by 2.7 per cent with Macy’s same-store sales going up by 1.1 per cent.
Bloomingdale’s achieved its highest second-quarter sales volume in the brand’s history and saw comparable sales surge by 11.3 per cent.
Bluemercury’s comparable sales grew by 6.2 per cent. The company’s overall adjusted diluted EPS reached $0.63, marking a 14 per cent growth from the year prior.
The business’ adjusted net income was $170m, marking a significant rise from the previous net income of $87m in the same time last year.
Tony Spring, chairman and CEO of Macy’s said: “Our second-quarter performance builds on the progress our colleagues have consistently delivered through our bold new chapter strategy.
“The investments we’re making are driving results across our portfolio, from the continued outperformance of our Reimagine 200 Macy’s stores to meaningful double-digit growth at Bloomingdale’s and another solid quarter at Bluemercury.
“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.”
The company plans to reinvest $96m of its tariff refunds into the business to support its Bold New Chapter growth strategy moving forward.
The total amount of tariffs is approximately $116m, with $20m of proceeds going towards the full-year EPS.
Macy’s also raised its future outlook following its strong first-half performance, now expecting full-year net sales of $21.7bn to $21.8bn.
The company also forecasted a comparable sales increase of between 1 per cent to 1.5 per cent.
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