Macy's posts 1.5% comp growth, cuts debt 12%, but tariffs squeeze margins 40bps

Filed March 27, 2026 · Period ending January 31, 2026 · Compared to 10-K Mar 21, 2025 · ~2 min read

Key Changes

• high

  Comparable sales turned positive at +1.5% vs -0.9% prior year, driven by Reimagine 125 stores (expanded from First 50) and Bloomingdale's 14-quarter high growth of 7.4%.

  MD&A: Comparable Sales verify on EDGAR →
• high

  Tariffs imposed since Feb 2025 compressed gross margin 40 basis points despite mitigation efforts; Supreme Court struck down reciprocal tariffs in Feb 2026, but President imposed new 150-day 10% tariff on all imports (potential 15%).

  Risk Factors: Tariffs verify on EDGAR →
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  Credit card revenue jumped 25% to $669M (3.1% of sales) from $537M prior year; federal court vacated CFPB late-fee cap rule in April 2025, removing revenue headwind.

  MD&A: Credit Card Revenue verify on EDGAR →