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Bond Market News
Macy’s Bonds Jump Higher on Improved Results, Forecasts amid Turnaround Strategy
September 4, 2025
Dollar bonds of Macy’s rallied across the curve. This comes after the company revealed that its turnaround strategy was gaining traction, prompting it to raise its full‑year sales and profit guidance despite tariff-related headwinds. It reported strong Q2 results helped by net sales reaching $4.81bn (above expectations of $4.76bn), with adjusted EPS coming-in at 41 cents/share, well above expectations of 18 cents/share. The full-year guidance for EPS and net sales were revised to $1.70–$2.05/share and $21.15–$21.45bn respectively. This compares to its prior guidance of $1.60–$2.00/share and $21–24bn respectively.
Launched in February 2024 by CEO Tony Spring, the turnaround plan includes closing 150 underperforming stores by 2026, reinvesting in high-potential locations, improving product offerings, and upgrading loyalty programs. The American retailer is leaning into pricier labels serving higher‑income shoppers to offset weaker consumer spending amid economic uncertainty. However, while its previous gross‑margin tariff estimate stood at 20-40bp, Macy’s now anticipates a larger 40-60bp hit, prompting “surgical” selective price increases and tighter vendor negotiations.
Macy’s 6.7% 2034s jumped higher by 3.7 points to currently trade at 96.7, yielding 7.2%. Macy’s stock also surged, closing higher by 20.7%.
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