On March 18, U.S. department store giant Macy’s, Inc. reported its full-year 2025 results, with comparable sales rising 1.5% year-over-year, marking a return to growth. Amid a prolonged period of declining revenues, the company’s structural reforms and strategic investments are beginning to show tangible results.
While full-year net sales declined 2.4% to $21.8 billion, the company achieved positive growth on a comparable basis. Under its “Bold New Chapter” strategy, Macy’s has accelerated investments in core stores and digital channels, aiming to enhance both profitability and the customer experience.
Mixed Performance Across Brands, with Luxury Leading Growth
By division, Bloomingdale’s delivered strong performance, with comparable sales increasing 7.4%, highlighting robust demand in the premium to luxury segment. Bluemercury also posted steady growth, with comparable sales up 1.6%.
In contrast, the Macy’s banner saw comparable sales rise a modest 0.4%. However, its strategic “Reimagine 125” locations recorded a 1.0% increase, indicating early signs of improvement in priority investment areas despite ongoing pressure from non-core stores.
Fourth Quarter Exceeds Guidance
In the fourth quarter of fiscal 2025, net sales totaled $7.6 billion, declining year-over-year, while comparable sales increased 1.8%, surpassing company guidance. Notably, Bloomingdale’s achieved a 9.9% increase in comparable sales, marking its best holiday performance on record.
Adjusted earnings per share (EPS) came in at $1.67, exceeding market expectations and reflecting stronger-than-anticipated profitability.
Strategic Momentum and the Next Phase of Growth
Looking ahead, the company plans to expand its strategy with the introduction of “Reimagine 200,” an extension of the current Reimagine 125 initiative. By redefining store formats and strengthening digital capabilities, Macy’s aims to rebuild its revenue foundation and drive long-term growth.
Tony Spring, Chairman and Chief Executive Officer of Macy’s, Inc., commented: “As we wrap up year two of the Bold New Chapter, I’m pleased with the growth and progress we’re making against our strategic priorities. At Macy’s, we are offering more relevant brands, stronger storytelling and investing in our colleagues so we can better serve the customer. Bloomingdale’s exceptional performance underscores its ability to elevate the customer experience and capture demand across premium contemporary to luxury businesses. Looking to 2026 and beyond, we are ready to build on our progress.”
Cautious Outlook for 2026
For fiscal 2026, Macy’s expects net sales to range between $21.4 billion and $21.65 billion, with comparable sales projected between -0.5% and +0.5%. The company cited potential impacts from tariffs, macroeconomic conditions, and geopolitical factors as reasons for its cautious outlook.
While anticipating greater tariff pressure in the first half of the year, Macy’s remains committed to continued investment in long-term growth initiatives.
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