• by Sarah Mahoney , June 4, 2026

Macy's latest results are the strongest evidence in some time that a department store can still win — if it's willing to make hard choices. The company posted a 3% gain in comparable sales, its best first quarter in four years, with gains across all nameplates. It also raised its full-year outlook.

The numbers get better the deeper you look. At Bloomingdale's, comparable sales jumped 10.2%, delivering record first-quarter sales, while revenues advanced 6.4% at Blue Mercury. And at Macy's 200 "Reimagine" stores — where the retailer has invested in remodeling, merchandising changes and elevated service — sales gained 2.4%, outpacing the 1.6% gain for the broader Macy's fleet. Overall revenues rose 1.8% to $4.7 billion, and adjusted net income climbed to $35 million from $31 million a year ago.

"After three years of negative results, Macy's has achieved four consecutive quarters of positive same-store sales," wrote David Swartz, analyst at Morningstar. "These results provide confidence in CEO Tony Spring's strategy to operate more efficiently, invest in Macy's stores, and grow luxury."

CEO Tony Spring himself is characteristically bullish. "Customers are responding — driving comparable sales growth at Macy's and another standout quarter at Bloomingdale's," he said in the release.

Kohl's tells a different story.

First-quarter net sales fell 1.7% to $3 billion, with comparable sales down 1.1%. Net loss was $14 million, marginally better than $15 million in the same period last year. The Menomonee Falls, Wisconsin-based company called the results its best comparable sales performance in over four years — cold comfort, given that its first-quarter sales have shrunk more than 27% since 2019.

The broader context makes it worse. Most retailers had a pretty good quarter, buoyed by tax refunds. And Kohl's own core customers, according to GlobalData, spent about 3.4% more on discretionary retail than they did a year ago — just not at Kohl's.

"Kohl's is still unable to stem the bleeding," wrote Neil Saunders, managing director of GlobalData. "Even if the dips are a little softer, they still present a picture of a retailer firmly on the back foot."