Meeting With Management: The Brand Flywheel Opportunity

Research evidence excerpt

Meeting With Management: The Brand Flywheel Opportunity

Retailing/Broadlines & Department Stores: Department Stores

Macy's

TD SECURITIES (USA) LLC EARNINGS UPDATE

June 22, 2026

Price: $24.14 (06/18/2026) Meeting With Management: The Brand

Price Target: $25.00 (Prior $20.00) Flywheel Opportunity

HOLD (2)

ESG SCORE: 53/100

Oliver Chen, CFA THE TD COWEN INSIGHT

646 562 1424

Reimagine A Macy's With Better Service & Product. We believe improved execution across

oliver.chen@tdsecurities.com

merchandising, service, and brand mix is driving stronger sell-through and enhancing M’s

Gabriella Garr ability to attract higher-quality brands. 1Q comps +3% (+1.4% Street), with broad-based

646 562 1356 strength and Bloomingdale’s (+10.2%). We are encouraged by QTD trends, as drivers appear

gabriella.garr@tdsecurities.com

execution-led and repeatable.

Jonna Kim, CFA

646 562 1419 We hosted a group meeting with Pamela Quintiliano, Vice President, Investor Relations.

jonna.kim@tdsecurities.com

We came away incrementally more encouraged by progress on Macy’s Bold New Chapter

Julia Shelanski strategy. In our view, encouraging momentum likely continues, supported by broad-based

646 562 1459

strength, higher-end customer resilience, and ongoing product and experiential innovation

julia.shelanski@tdsecurities.com

at Bloomingdale’s. We believe positive QTD trends reflect execution-led drivers that are

Key Data repeatable, suggesting momentum can extend beyond 2Q.

Symbol NYSE: M

The company was notably constructive on Bloomingdale’s (comps +10.2% in 1Q) and

Beta: 1.50

emphasized that strength is not driven by disruption elsewhere. We recently met with the

52-Week Range: $25.37-$10.64

Bloomingdale's CEO and toured the flagship location (report here), and we were impressed by

Market Cap: $6.3B