Macy's Stock Falls 5% on Q2 Earnings Despite EPS Beat

Macy's, Inc. (press release via StockTitan)2 min read5 sources

Why is Macy's stock down today?

Key numbers

Stock move today	-5%to $20.45
Prior session move	-4.2%Wed. Sept. 9
Adjusted EPS	$0.63vs ~$0.36 est.
Net sales	$4.9B+1.1% YoY
Comparable sales	+2.7%vs year ago
FY EPS guidance	$2.15–$2.35raised from $2.00–$2.20

What happened

Macy's (NYSE: M) stock fell 5% to $20.45 on Thursday, September 10, 2026, after the retailer beat Q2 earnings estimates but investors flagged that its raised guidance leaned on one-time tariff refunds. The move followed a 4.2% drop the prior session, so the stock has now fallen sharply over two days. Macy's reported adjusted earnings of $0.63 per share, well above the roughly $0.36 analysts expected, and net sales of $4.9 billion, also ahead of forecasts. Sales at stores open at least a year (comparable sales) rose 2.7%, with Bloomingdale's up 11.3%. The company raised its full-year profit forecast, but said $116 million in tariff refunds added 5 cents per share to that outlook, leading investors to question how much of the improvement came from actual business gains.

Why it matters

Macy's (NYSE: M) is one of the largest department store chains in the US and a bellwether for how traditional mall retailers are coping with cautious shoppers and years of declining foot traffic. Even though the company's underlying sales grew and it made more profit than expected, the stock fell because investors worry the improvement was partly a one-time boost from getting back tariff money already paid, not proof the turnaround is working on its own. That distinction matters because it affects whether people believe Macy's can keep growing profits once those refunds stop showing up in future results.

Who this affects

Marketbearish Low impact: Retail investors saw a mixed earnings-quality signal, adding caution.
Companymixed Medium impact: Macy's shares fell despite a beat and raised guidance.
Competitorsneutral Low impact: Kohl's and TJX barely moved, largely unaffected today.
Industryneutral Low impact: Highlights scrutiny of tariff-refund-boosted retailer earnings.