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Financial, Retail

Macy’s, Inc. Reports Improved Sales in Third Quarter 2025

Macy's reports that its third quarter sales were the strongest in 13 quarters reflecting the acceleration of its Bold New Chapter strategy.

12/3/2025
NEW YORK -- Macy’s, Inc. (NYSE: M) today reported financial results for the third quarter of 2025 and updated its annual guidance.

“Our third quarter sales were the strongest in 13 quarters, reflecting the acceleration of our Bold New Chapter strategy and demonstrating that the meaningful enterprise-wide changes we’ve made are resonating with customers,” said Tony Spring, chairman and chief executive officer of Macy’s, Inc. “As we enter the holiday season, we are well-positioned with compelling new merchandise and an omni-channel customer experience that delivers both inspiration and value. With a strategy rooted in hospitality, our teams are focused on driving long-term, profitable growth.”

Third Quarter Highlights

• Macy’s, Inc. achieved net sales of $4.7 billion, exceeding the company’s guidance range.

• Macy’s, Inc. reported comparable sales up 2.5% on an owned basis and up 3.2% on a comparable owned-plus-licensed-plus-marketplace (“O+L+M”) basis, surpassing the company’s guidance range and benefiting from better-than-expected performance across nameplates.

• The company reported GAAP diluted earnings per share (“EPS”) of $0.04; Adjusted diluted EPS was $0.09, above the company’s prior guidance range and driven by better-than-expected net sales, gross margin, and selling, general and administrative expense (“SG&A”).
Macy’s Reimagine 125 locations achieved comparable sales growth of 2.3% on an owned basis and 2.7% growth on an owned-plus-licensed (“O+L”) basis, continuing to outperform the broader Macy’s nameplate.

• Bloomingdale’s comparable sales were up 8.8% on an owned basis and 9.0% on an O+L+M basis, the highest in 13 quarters.

• Bluemercury reported positive 1.1% comparable sales, achieving another quarter of growth.

• The company returned approximately $99 million to shareholders, consisting of $49 million in quarterly cash dividends and $50 million in share repurchases.

Third Quarter Results (comparisons are to the third quarter of 2024)

Macy’s, Inc. net sales, inclusive of store closures, decreased 0.6%2 to $4.7 billion, with comparable sales up 2.5% on an owned basis and up 3.2% on an O+L+M basis. Comparable sales reflect positive comparable sales at each of the company’s nameplates.

Macy’s, Inc. go-forward business comparable sales were up 2.7% on an owned basis and up 3.4% on an O+L+M basis. By nameplate:

• Macy’s net sales, inclusive of store closures, were down 2.3%3. Comparable sales were up 1.4% on an owned basis and up 2.0% on an O+L+M basis. Macy’s go-forward business comparable sales were up 1.7% on an owned basis and up 2.3% on an O+L+M basis.

• Reimagine 125 locations comparable sales were up 2.3% on an owned basis and up 2.7% on an O+L basis.

• Bloomingdale’s net sales were up 8.6%. Comparable sales were up 8.8% on an owned basis and up 9.0% on an O+L+M basis.

• Bluemercury net sales were up 3.8%. Comparable sales were up 1.1% on an owned basis.
Other revenue of $200 million increased $39 million, or 24.2%. Within Other revenue:

Credit card net revenues increased $38 million, or 31.7%, to $158 million, reflecting the health of the portfolio.
Macy’s Media Network net revenue was flat at $42 million.

Gross margin rate of 39.4% declined 20 basis points. The decline was primarily attributable to a 50 basis point tariff impact, which was better than company expectations reflecting positive response to mitigation actions.

Selling, general and administrative expense of $2.0 billion decreased $40 million, reflecting the net benefit from closed Macy’s locations and continued cost containment efforts, partially offset by ongoing investments in the go-forward business, including Reimagine 125 locations, Bloomingdale’s and digital across nameplates. As a percent of total revenue, SG&A expense decreased 90 basis points to 41.2%.

Asset sale gains were $12 million compared to $66 million. The company remains committed to closing underproductive stores. Its balance sheet strength provides flexibility to take a disciplined approach to transactions to achieve the optimal monetization value.

GAAP net income was $11 million, or 0.2% of total revenue, and Adjusted net income was $26 million, or 0.5% of total revenue. In the third quarter of 2024, net income was $28 million, or 0.6% of total revenue, and Adjusted net income was $11 million, or 0.2% of total revenue.

GAAP and Adjusted diluted EPS were $0.04 and $0.09, respectively. In the third quarter of 2024, GAAP and Adjusted diluted EPS were $0.10 and $0.04, respectively.

Adjusted earnings before interest, taxes, and depreciation and amortization (“EBITDA”) was $285 million, or 5.8% of total revenue, and Core Adjusted EBITDA4 was $273 million, or 5.6% of total revenue. In the third quarter of 2024, Adjusted EBITDA was $273 million, or 5.6% of total revenue, and Core Adjusted EBITDA was $207 million, or 4.2% of total revenue.

To read the full release, click here.
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