Slide 1: 1Q26 Earnings
1Q26 Earnings June 3, 2026 Donna Karan L'agence @ Macy’s @ Bloomingdale's
Slide 2: Safe Harbor Statement
Safe Harbor Statement All statements in this presentation that are not statements of historical fact are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are based upon the current beliefs and expectations of Macy’s management and
Slide 3: Performance Highlights
First Quarter 2026 Macy’s, Inc. Performance Highlights +3.0% Comparable Sales1 vs. 1Q25 $0.13 Adjusted Diluted Earnings Per Share (EPS) • Net sales, comparable sales, Adj. EBITDA and Adj. EPS all exceeded guidance • Macy’s nameplate delivered 4th consecutive quarter of positive comparable sales2, le
Slide 4: Macy's Nameplate: Strengthen & Reimagine
Strengthen & Reimagine Macy’s Nameplate First Quarter 2026 +1.6% Comparable Sales1 vs. 1Q25 $4.0B OLM Sales1 • Reimagine locations comp sales +2.4% • Positive comparable sales in 8 of last 9 quarters • Highest first quarter NPS score on record, with Reimagine locations continuing to score even highe
Slide 5: Bloomingdale's: Accelerate & Differentiate
Accelerate & Differentiate Bloomingdale’s First Quarter 2026 +10.2% $929M Comparable Sales vs. 1Q25 OLM Sales • Highest first quarter sales in 154-year history • Premium contemporary to luxury positioning is unique • Through matrix elevation, new brand additions and vibrant shopping environment, con
Slide 6: Bluemercury: Accelerate & Differentiate
Accelerate & Differentiate Bluemercury First Quarter 2026 +6.4% $69M Comparable Sales vs. 1Q25 OLM Sales • Results driven by makeup, dermatological skincare and fragrances • Including Byredo and Parfums de Marly, as well as Dr. Diamond’s Metacine and Skinceuticals • Customer appreciates: • Intimate,
Slide 7: End-to-End Operations: Simplify & Modernize
Simplify & Modernize End-to-End Operations First Quarter 2026 +4.2% 1Q26 Units Processed Per Hour1 +5.7% Improvement in Order-to-Ship Days2 vs 1Q25 • Supporting revenue growth and customer experience enhancements, and is delivering efficiencies • Testing, refining and implementing initiatives, inclu
Slide 8: A Bold New Chapter
A Bold New Chapter Will build on what has been working, including our go-forward fleet, product and brand relevancy, and improved omni-channel experiences and messaging Polo Ralph Lauren @ Macy's Aqua @ Bloomingdale’s China Grove Distribution Center Strengthen & Reimagine Accelerate & Differentiate
Slide 9: First Quarter 2026 Financial Results & Capital Allocation
First Quarter 2026 Financial Results & Capital Allocation 9 abercrombie kids @ Macy’s
Slide 10: Sales Highlights
First Quarter 2026 Financial Results & Capital Allocation Sales Highlights +3.0% Comparable Sales vs. 1Q25 +3.1% Go-forward Business1 Comparable Sales vs.1Q25 $4.7B $5.2B OLM Sales vs. $5B in 1Q25 Net sales2 +1.8% vs. 1Q25 Note: 1Q26 digital penetration of net sales: 34%; owned comparable average un
Slide 11: Nameplate Highlights
First Quarter 2026 Financial Results & Capital Allocation Nameplate Highlights Results versus 1Q25 Comparable Sales +1.6% Reimagine 200 Locations Comparable Sales +2.4% OLM Sales $4.0B Comparable Sales +10.2% OLM Sales $929M Comparable Sales +6.4% OLM Sales $69M 11 Michael Aram Baziszt @ @ Macy’s Bl
Slide 12: Profitability & Productivity Highlights
First Quarter 2026 Financial Results & Capital Allocation Profitability & Productivity Highlights Actuals Change vs. 1Q25 Other Revenue $210 +8.2% Credit Card Revenue $172 +11.7% Macy’s Media Network $38 -5.0% Total Revenue $4,892 +2.1% Go-Forward Total Revenue $4,776 +2.9% Gross Margin $1,822 +1.0%
Slide 13: Capital Allocation Highlights
First Quarter 2026 Financial Results and Capital Allocation Capital Allocation Highlights $292M Operating Cash Inflow, vs. $140M Free Cash Flow, vs. outflow of outflow of $64M in 1Q25 $203M in 1Q251 $177M $100M Capital Expenditures, Shareholder Returns, in line with 1Q25 $50M Dividend Payments, $50M
Slide 14: Looking Ahead
Looking Ahead French Connection @ Macy's
Slide 15: Second Quarter 2026 Guidance
Second Quarter 2026 Guidance For more information, refer to the appendix section of this presentation $4.75B to $4.80B Flat to +1.0% Net Sales Comparable Sales 6.9% to 7.2% $0.29 to $0.34 Adjusted EBITDA Rate1, 2 Adjusted Diluted EPS2, 3 1 % of total revenue. 2 Based on the company’s non-GAAP defini
Slide 16: Full Year 2026 Guidance
Full Year 2026 Guidance Macy’s, Inc. raises outlook to incorporate better-than-expected 1Q26 results. For more information, refer to the appendix section of this presentation $21.5B to $21.75B +0.5% to +1.2% Net Sales Comparable Sales 7.7% to 7.9% $2.00 to $2.20 Adjusted EBITDA Rate1, 2 Adjusted Dil
Slide 17: Q&A
Q&A Macy’s Flower Show @ Herald Square
Slide 18: Appendix
Appendix Ginori @ Bloomingdale’s
Slide 19: Store Count as of 5/2/2026
Appendix Store Count as of 5/2/2026 End of 1Q26 Change In Locations from FY25 Locations Macy's Department Stores 378 — Macy's Small Format 20 — Macy's Furniture 30 — Freestanding Backstage 4 — Total Macy's 432 — Bloomingdale's Department Stores 31 — Bloomies 4 — Bloomingdale's Furniture/Other 1 — Bl
Slide 20: Long-term Debt Maturities as of 5/2/2026
Appendix Long-term Debt Maturities as of 5/2/2026 Note: % represents weighted average interest rate. All outstanding long-term debt is unsecured. 20
Slide 21: Full Year 2026 Guidance as of 6/3/2026
Appendix Full Year 2026 Guidance as of 6/3/2026 The company is providing the following estimates for certain FY26 financial statement items. Refer to the following guidance assumptions slide for more details. As of 6/3/2026 As of 3/18/2026 (bold captions indicate a change) Net sales $21.5 billion to
Slide 22: Full Year 2026 Guidance Assumptions as of 6/3/2026
Appendix Full Year 2026 Guidance Assumptions as of 6/3/2026 General Considerations • Consistent with past practice, the company is taking a prudent approach to quarterly and annual guidance, giving itself the flexibility to respond to changes in the competitive landscape, and macroeconomic and ongoi
Slide 23: Reconciliation of GAAP to Non-GAAP Financial Measures
Reconciliation of GAAP to Non-GAAP Financial Measures Macy’s 4th of July Fireworks
Slide 24: Updated Disclosure Metrics
Appendix Updated Disclosure Metrics (Updated Financial Reporting Metrics) On February 18, 2026, Macy’s, Inc. filed a Form 8-K announcing updates to certain financial disclosure metrics. These changes are intended to simplify Macy’s, Inc’s disclosures for its go-forward business comparable sales and
Slide 25: Updated Disclosure Metrics (continued)
Appendix Updated Disclosure Metrics (Updated Financial Reporting Metrics, continued) On February 18, 2026, Macy’s, Inc. filed a Form 8-K announcing updates to certain financial disclosure metrics. These changes are intended to simplify Macy’s, Inc’s disclosures for its go-forward business comparable
Slide 26: Reconciliation of GAAP to Non-GAAP Financial Measures
Reconciliation of GAAP to Non-GAAP Financial Measures The company reports its financial results in accordance with U.S. generally accepted accounting principles (“GAAP”). However, management believes that certain non- GAAP financial measures provide users of the company's financial information with
Slide 27: EBITDA Excluding Certain Items
Earnings Before Interest, Taxes, Depreciation, and Amortization Excluding Certain Items Millions, except percentages 13 weeks ended 13 weeks ended May 2, 2026 May 3, 2025 Most comparable GAAP measure: Total revenue $4,892 $4,793 Net income $63 $38 Net income as a percent to total revenue 1.3% 0.8% N
Slide 28: Net Income and Diluted EPS, Excluding Certain Items
Net Income and Diluted Earnings Per Share, Excluding Certain Items Millions, except per share figures 13 weeks ended 13 weeks ended May 2, 2026 May 3, 2025 Diluted Earnings Diluted Earnings Net Income Per Share Net Income Per Share As reported $63 $0.23 $38 $0.13 Loss on extinguishment of debt — — 3
Slide 29: Free Cash Flow
Free Cash Flow Millions 13 weeks ended May 2, 2026 13 weeks ended May 3, 2025 Net cash provided by operating activities $292 $(64) Purchase of property and equipment (88) (100) Capitalized software (89) (77) Proceeds from disposition of assets, net 25 38 Free Cash Flow $140 $(203) 29