Macy's has rebuilt its cash generation and cut its debt. Its sales grew again in the latest quarter, but it must still prove that growth can last as its stores need renewing.
Trying on a jacket in a department store, or ordering a gift online, is the kind of purchase Macy's, Inc. is built around. It runs stores and online shops under the Macy's and Bloomingdale's names, plus a third, Bluemercury. The idea is simple: buy or source goods, keep them in stock and sell them for more than they cost. Its plan, called Bold New Chapter, aims to return the business to growth after years of shrinking sales.
Customers pay for goods in a store or online, and Macy's keeps the gap between that price and what the goods cost. In , the year that ended January 31, 2026, that gap, called , was about 40% of revenue. It must pay for a large fleet of stores, staff, marketing, distribution and the technology behind the websites. Most of those costs do not shrink when fewer shoppers come in, so small changes in sales decide whether the share of revenue left as profit widens or narrows.
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