New York City, January 11, 2026
Macy’s surprises investors with a profitable third quarter, showing its best comparable sales in years under new CEO Tony Spring. The retailer reports a net income of $11 million, surpassing analyst expectations, even as net sales dipped slightly. Strategic changes, including store renovations and a focus on customer service, contribute to the positive performance. Macy’s remains cautious about the upcoming holiday season but has upgraded its annual earnings forecast, indicating an overall improvement in financial outlook.
New York, NY – Macy’s has surprised investors with a strong third-quarter profit, marking the retailer’s most noteworthy comparable sales in over three years. This performance comes in the wake of a significant overhaul implemented under the leadership of new CEO Tony Spring, who took charge in February 2024.
The figures for the quarter ending November 1, 2025, reveal a net income of $11 million, equating to 4 cents per share, with adjusted earnings at 9 cents. Notably, this earnings report defied analysts’ expectations, who had predicted a loss of 13 cents per share. Although net sales dipped slightly to $4.71 billion from $4.73 billion due to the closure of underperforming stores, this amount still outstripped market forecasts of $4.55 billion. Furthermore, comparable sales rose by 3.2%, a significant rebound from a 1.9% increase in the previous quarter.
Under Spring’s stewardship, Macy’s has embraced several strategic initiatives to drive this revitalization. Key among them are store renovations, a focus on superior customer service, and an emphasis on exclusive merchandise offerings. Specifically, the company has modernized 125 stores and closed over 60 locations that were not meeting performance expectations, predominantly in shopping malls.
Despite the optimistic results for the third quarter, Macy’s has adopted a careful outlook heading into the crucial holiday season. The company anticipates adjusted earnings per share to be in the range of $1.35 to $1.55 for the fourth quarter, slightly below analyst anticipations of $1.55 per share. This conservative guidance reflects the challenges posed by inflation, which continues to affect discretionary consumer spending.
Looking further ahead, Macy’s has increased its annual earnings per share forecast to between $2.00 and $2.20, improving from a previous estimate of $1.70 to $2.05. The company also projects annual net sales to reach between $21.475 billion and $21.625 billion, a positive adjustment from their earlier forecast of $21.15 billion to $21.45 billion.
As of January 10, 2026, the stock for Macy’s (ticker: M) is currently trading at $23.17 per share, reflecting a slight decline of 2.32% from the prior close.
Frequently Asked Questions (FAQ)
What was Macy’s net income for the third quarter ending November 1, 2025?
Macy’s reported a net income of $11 million, or 4 cents per share, for the third quarter ending November 1, 2025.
How did Macy’s comparable sales perform in the third quarter?
Comparable sales increased by 3.2% in the third quarter, following a 1.9% increase in the previous quarter.
What is Macy’s outlook for the fourth quarter?
Macy’s anticipates adjusted earnings per share between $1.35 and $1.55 for the fourth quarter, slightly below analyst expectations of $1.55.
What is Macy’s annual earnings per share forecast for 2025?
Macy’s has raised its annual earnings per share forecast to a range of $2.00 to $2.20 for 2025.
What is the current stock price of Macy’s?
As of January 10, 2026, Macy’s stock (ticker: M) is trading at $23.17 per share.
Key Features of Macy’s Recent Performance
| Metric | Value | Previous Quarter | Analyst Expectations |
|---|---|---|---|
| Net Income | $11 million (4 cents per share) | Not specified | Loss of 13 cents per share |
| Net Sales | $4.71 billion | $4.73 billion | $4.55 billion |
| Comparable Sales Increase | 3.2% | 1.9% | Not specified |
| Fourth Quarter Adjusted EPS Forecast | $1.35 to $1.55 | Not specified | $1.55 |
| Annual EPS Forecast for 2025 | $2.00 to $2.20 | Not specified | Not specified |
| Annual Net Sales Forecast for 2025 | $21.475 billion to $21.625 billion | Not specified | Not specified |
| Current Stock Price | $23.17 per share | Not specified | Not specified |
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