Macy's posts strongest Q1 growth in four years, raises guidance despite consumer worries

Macy's posted its strongest first-quarter comparable sales performance in four years on Wednesday, as the legacy department store's turnaround continues to show progress. Led by the 200 so-called reimagined stores Macy's has upgraded, comparable sales grew 3% overall during the quarter and 1.6% at its namesake banner. At Bloomingdale's, comparable sales grew 10.2%, helped by an array of buzzy brands, a "fun factor" unique in the luxury landscape and the recent bankruptcy of rival Saks Fifth Avenue, CEO Tony Spring told CNBC in an interview. "Is the disruption in the marketplace helpful to us? Sure," he said. "Is it the primary reason we're growing? No." Spring said better-than-expected sales and profitability led the company to raise its full fiscal year guidance after taking a cautious outlook earlier in the year. It's now expecting 2026 net sales to be between $21.5 billion and $21.75 billion, largely ahead of expectations of $21.59 billion, according to LSEG. It anticipates earnings per share will be between $2 and $2.20, up from a previous range of between $1.90 and $2.10. It now expects comparable sales to climb between 0.5% and 1.2% for the year, versus a previous outlook of a 0.5% drop to a 0.5% increase. Many retailers have reported strong growth during their fiscal first quarters in recent weeks due in part to higher than usual tax refunds . …