(RTTNews) - Macy's, Inc. (M) revised its fiscal 2026 guidance, including raising net sales, comparable sales, and adjusted EPS guidance. Adjusted EPS is now expected in a range of $2.00 to $2.20, revised from prior guidance range of $1.90 to $2.10. Net sales are now expected in a range of $21.5 billion to $21.75 billion, updated from prior guidance range of $21.4 billion to $21.65 billion. Comparable sales change is now projected to be an increase in a range of 0.5% to 1.2%, compared to previous guidance of between a decline of 0.5% to an increase of 0.5%.
For the second quarter, the company projects: adjusted EPS in a range of $0.29 to $0.34; net sales of $4.75 to $4.80 billion; and comparable sales change in a range of flat to an increase of 1.0%.
First quarter GAAP net income was $63 million, compared to $38 million, a year ago. EPS was $0.23 compared to $0.13. Adjusted EBITDA was $290 million, compared to $304 million, last year. Adjusted EPS was $0.13, compared to $0.11.
First quarter net sales, inclusive of store closures, increased 1.8% to $4.7 billion, with comparable sales up 3.0%. Macy's, Inc. go-forward business comparable sales were up 3.1%. Comparable sales were positive at each of the nameplates. By nameplate: Macy's comparable sales were up 1.6%, inclusive of Reimagine 200 stores' comparable sales, up 2.4%; Bloomingdale's comparable sales were up 10.2%; and Bluemercury comparable sales were up 6.4%. Total revenue increased to $4.89 billion from $4.79 billion.
"We're off to a strong start to the year, exceeding expectations for the fifth consecutive quarter as our Bold New Chapter strategy continues to build momentum," said Tony Spring, chairman and CEO of Macy's, Inc.
The company ended the first quarter with cash and cash equivalents of $1.3 billion and had $2.0 billion of available borrowing capacity under its asset-based credit facility. As of the end of the first quarter, total debt was $2.4 billion. The company has no material long-term debt maturities until 2030.
In pre-market trading on NYSE, Macy's shares are up 2.51 percent to $22.23.
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