Macy’s shares closed at $20.50 on Sept. 10, down 4.70%, despite the department-store chain beating second-quarter revenue and adjusted earnings expectations, posting growth across all three major brands and raising its full-year outlook. The stock rose about 0.6% to $20.63 in Friday premarket trading. Revenue reached $4.87 billion, ahead of the $4.83 billion analyst estimate, while comparable sales increased 2.7% for a fifth consecutive quarter. Bloomingdale’s led with 11.3% comparable growth, followed by Bluemercury at 6.2% and Macy’s Reimagine 200 locations at 1.9%. Adjusted EPS was $0.63, including a $0.23-per-share benefit from tariff refunds; excluding that benefit, EPS was $0.40, above the $0.37 estimate. Net income nearly doubled to $169 million from $87 million a year earlier. Macy’s received $116 million in tariff refunds and plans to reinvest about $96 million in customer-experience improvements and its Bold New Chapter turnaround strategy. Investors focused on the third-quarter outlook, which calls for an adjusted loss of $0.19 to $0.23 per share, compared with an expected loss of about $0.06. Macy’s now expects 2026 net sales of $21.675 billion to $21.825 billion, comparable-sales growth of 1% to 1.5% and adjusted EPS of $2.15 to $2.35, up from prior guidance of $2.00 to $2.20. The company also reported stronger cash generation, higher adjusted EBITDA and a quarterly dividend of $0.1915 per share.