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Macy's (M - Free Report) closed the most recent trading day at $23.31, moving -1.56% from the previous trading session. This change lagged the S&P 500's 0.19% loss on the day. Elsewhere, the Dow saw a downswing of 0.59%, while the tech-heavy Nasdaq depreciated by 0.05%.
The department store operator's stock has dropped by 1.91% in the past month, falling short of the Retail-Wholesale sector's gain of 2.41% and the S&P 500's gain of 0.55%.
Analysts and investors alike will be keeping a close eye on the performance of Macy's in its upcoming earnings disclosure. In that report, analysts expect Macy's to post earnings of $0.35 per share. This would mark a year-over-year decline of 14.63%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $4.81 billion, down 0.09% from the year-ago period.
M's full-year Zacks Consensus Estimates are calling for earnings of $2.19 per share and revenue of $21.76 billion. These results would represent year-over-year changes of -5.6% and -0.01%, respectively.
Investors might also notice recent changes to analyst estimates for Macy's. Such recent modifications usually signify the changing landscape of near-term business trends. Consequently, upward revisions in estimates express analysts' positivity towards the business operations and its ability to generate profits.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 1.36% upward. Macy's currently has a Zacks Rank of #3 (Hold).
From a valuation perspective, Macy's is currently exchanging hands at a Forward P/E ratio of 10.8. Its industry sports an average Forward P/E of 14.15, so one might conclude that Macy's is trading at a discount comparatively.
The Retail - Regional Department Stores industry is part of the Retail-Wholesale sector. This group has a Zacks Industry Rank of 102, putting it in the top 42% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
You can find more information on all of these metrics, and much more, on Zacks.com.
Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
Investors in Macy's, Inc. (M - Free Report) need to pay close attention to the stock based on moves in the options market lately. That is because the Sept. 18, 2026 $3 Call had some of the highest implied volatility of all equity options today.
What is Implied Volatility?Implied volatility shows how much movement the market is expecting in the future. Options with high levels of implied volatility suggest that investors in the underlying stocks are expecting a big move in one direction or the other. It could also mean there is an event coming up soon that may cause a big rally or a huge sell-off. However, implied volatility is only one piece of the puzzle when putting together an options trading strategy.
What do the Analysts Think?Clearly, options traders are pricing in a big move for Macy's shares, but what is the fundamental picture for the company? Currently, Macy's is a Zacks Rank #3 (Hold) in the Retail - Regional Department Stores industry that ranks in the Top 43% of our Zacks Industry Rank. Over the last 60 days, no analyst has increased the earnings estimates for the current quarter, while three have dropped their estimates. The net effect has taken our Zacks Consensus Estimate for the current quarter from 38 cents per share to 35 cents in that period.
Given the way analysts feel about Macy's right now, this huge implied volatility could mean there’s a trade developing. Oftentimes, options traders look for options with high levels of implied volatility to sell premium. This is a strategy many seasoned traders use because it captures decay. At expiration, the hope for these traders is that the underlying stock does not move as much as originally expected.
Macy's (M - Free Report) ended the recent trading session at $23.21, demonstrating a +1.89% change from the preceding day's closing price. This move outpaced the S&P 500's daily gain of 0.38%. Meanwhile, the Dow gained 0.02%, and the Nasdaq, a tech-heavy index, added 0.9%.
Shares of the department store operator have depreciated by 7.7% over the course of the past month, underperforming the Retail-Wholesale sector's gain of 0.77%, and the S&P 500's gain of 1.27%.
Analysts and investors alike will be keeping a close eye on the performance of Macy's in its upcoming earnings disclosure. The company is forecasted to report an EPS of $0.35, showcasing a 14.63% downward movement from the corresponding quarter of the prior year. In the meantime, our current consensus estimate forecasts the revenue to be $4.81 billion, indicating a 0.09% decline compared to the corresponding quarter of the prior year.
In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $2.19 per share and a revenue of $21.76 billion, indicating changes of -5.6% and -0.01%, respectively, from the former year.
Any recent changes to analyst estimates for Macy's should also be noted by investors. Such recent modifications usually signify the changing landscape of near-term business trends. Consequently, upward revisions in estimates express analysts' positivity towards the business operations and its ability to generate profits.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 2.07% higher within the past month. Right now, Macy's possesses a Zacks Rank of #3 (Hold).
With respect to valuation, Macy's is currently being traded at a Forward P/E ratio of 10.39. This indicates a discount in contrast to its industry's Forward P/E of 13.52.
The Retail - Regional Department Stores industry is part of the Retail-Wholesale sector. This industry currently has a Zacks Industry Rank of 59, which puts it in the top 24% of all 250+ industries.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
Vancouver, British Columbia--(Newsfile Corp. - July 13, 2026) - Myriad Uranium Corp. (CSE: M) (OTCQB: MYRUF) (FSE: C3Q) ("Myriad" or the "Company") is pleased to announce that Rush Rare Metals Corp. ("Rush") has filed its management information circular (the "Circular") and related materials for Rush's annual general and special meeting (the "Meeting") of shareholders ("Rush Shareholders") at which, among other things, the Rush Shareholders will be asked to consider and vote on a special resolution (the "Arrangement Resolution") approving a statutory plan of arrangement (the "Arrangement") under which Myriad will acquire 100% of the issued and outstanding common shares of Rush (the "Rush Shares"). The Meeting is scheduled to take place on August 17, 2026 at 10:00 a.m.
A month has gone by since the last earnings report for Macy's (M - Free Report) . Shares have added about 1% in that time frame, outperforming the S&P 500.
Will the recent positive trend continue leading up to its next earnings release, or is Macy's due for a pullback? Well, first let's take a quick look at its latest earnings report in order to get a better handle on the recent drivers for Macy's, Inc. before we dive into how investors and analysts have reacted as of late.
Macy’s Beats Q1 Earnings Estimates on Comps Growth, Raises FY27 ViewMacy’s reported first-quarter fiscal 2026 results, wherein earnings and revenues surpassed the Zacks Consensus Estimate. Also, both metrics increased from the year-ago quarter.
The company delivered its strongest fiscal first-quarter comparable-sales performance in four years, supported by positive sales growth across all three nameplates — Macy’s, Bloomingdale’s and Bluemercury. Management highlighted that the company’s Bold New Chapter strategy continues to gain traction, driving broad-based operational and financial improvements.
Encouraged by the strong fiscal first-quarter performance and positive second-quarter trends, management raised its fiscal 2026 outlook for net sales, comparable sales and adjusted earnings per share, reflecting confidence in the momentum of its go-forward business.
More on Macy’s Q1 ResultsThe company reported adjusted earnings of 13 cents per share, comfortably surpassing the Zacks Consensus Estimate of 2 cents and improving from adjusted earnings of 11 cents in the year-ago quarter. Earnings per share were 23 cents compared with 13 cents in the prior-year period.
Net sales of $4,682 million surpassed the Zacks Consensus Estimate of $4,623 million. The top line increased 1.8% year over year, benefiting from positive comparable sales across all three nameplates. Comparable sales rose 3%, marking the company’s strongest fiscal first-quarter comparable-sales performance in four years.
M’s go-forward business comps, including go-forward locations and digital platforms across Macy’s, Bloomingdale’s and Bluemercury, increased 3.1% on an owned-plus-licensed-plus-marketplace basis.
Net credit card revenues were $172 million, up 11.7% year over year, driven by the company’s healthy credit portfolio and prudent management of net credit card losses. The metric represented 3.7% of net sales compared with 3.3% in the year-ago quarter.
Macy’s Media Network revenues were $38 million, down 5% year over year, indicating the timing of advertising spending on a year-over-year basis. The metric represented 0.8% of net sales compared with 0.9% in the prior-year quarter.
Update on M’s Brand PerformanceComps across the Macy’s brand increased 1.6% year over year on an owned-plus-licensed-plus-marketplace basis. Reimagine 200 locations continued to outperform, with comps rising 2.4%, marking positive comparable-sales growth in eight of the last nine quarters.
At the Bloomingdale’s brand, comps increased 10.2% on an owned-plus-licensed-plus-marketplace basis, marking its seventh consecutive quarter of growth and delivering the highest first-quarter sales volume in the brand’s 154-year history.
Comps at the Bluemercury brand rose 6.4% on an owned-plus-licensed-plus-marketplace basis, driven by strength in makeup, dermatological skincare and fragrance categories. New and remodeled stores continued to outperform during the first quarter.
Insight Into Macy’s Margins & ExpensesThe gross margin in the fiscal first quarter was 38.9%. This represented a year-over-year decline of 30 basis points. Management indicated that tariffs negatively impacted the gross margin by approximately 30 basis points, and excluding this impact, the gross margin would have been flat with the prior-year period.
The company reported selling, general and administrative (SG&A) expenses of $1.95 billion, up 2% year over year. The increase reflected continued investments in the Bold New Chapter strategy, including Reimagine 200 locations, Bloomingdale’s and digital capabilities across nameplates. These investments were partially offset by ongoing cost-management efforts. As a percentage of total revenues, SG&A expenses remained flat at 39.9% compared with the prior-year quarter.
Macy’s reported adjusted EBITDA of $290 million, down from $304 million in the year-ago quarter. The adjusted EBITDA margin was 5.9% of the total revenues compared with 6.3% in the prior-year period, representing a year-over-year decline of 40 basis points.
M’s Financial Snapshot: Cash, Inventory & Equity OverviewThe company ended the first quarter of fiscal 2026 with cash and cash equivalents of $1.29 billion, and total debt of $2.43 billion. Macy’s also had $2 billion of available borrowing capacity under its asset-based credit facility. The company does not face any material long-term debt maturities until 2030, underscoring its strong liquidity position.
Merchandise inventories increased 3.6% year over year. Management stated that both the composition and level of inventory are well-positioned heading into the summer season, supported by increased newness across price points and lower aged inventories relative to last year.
During the fiscal first quarter, the operating cash flow was an inflow of $292 million against an outflow of $64 million in the prior-year quarter. The free cash flow was an inflow of $140 million against an outflow of $203 million a year ago, reflecting significantly improved cash generation. Capital expenditure totaled $177 million, while monetization proceeds were $25 million.
Through its capital-return program, Macy’s returned $100 million to shareholders during the quarter, including $50 million in dividends and $50 million in share repurchases. The company repurchased 2.6 million shares for $50 million during the quarter. As of the end of the fiscal first quarter, $1.1 billion was available under its $2-billion share repurchase authorization.
Macy’s Q2’26 OutlookFor the second quarter of fiscal 2026, Macy’s expects net sales of $4.75-$4.80 billion. The outlook incorporates the impacts of fiscal 2025 store closures, which contributed roughly $35 million to sales during the comparable prior-year period. Comparable sales are projected to be flat to up 1% on an owned-plus-licensed-plus-marketplace basis.
The company expects the adjusted EBITDA margin between 6.9% and 7.2%, while adjusted earnings per share are forecast to be 29-34 cents. Management noted that tariffs and fuel costs are expected to remain a headwind in the fiscal second quarter, with the combined impacts anticipated to reduce earnings by 3-4 cents per share and pressure the gross margin by 20-40 basis points.
Sneak-Peek Into Macy’s FY26 GuidanceFollowing its better-than-expected fiscal first-quarter performance, Macy’s raised its fiscal 2026 outlook. Management noted that the updated guidance reflects stronger-than-anticipated fiscal first-quarter results and a modest increase in expected sales for the remainder of the year.
The company continues to acknowledge macroeconomic and geopolitical uncertainties that could influence discretionary spending and has maintained flexibility within its business model to respond to changes in the competitive landscape and external environment. The outlook assumes a larger tariff impact in the first half of the year than in the second half and does not include any tariff refunds. The guidance also reflects continued investments in Reimagine 200 locations and the company’s luxury nameplates to support long-term growth.
Macy’s expects net sales of $21.5-$21.75 billion, up from the previously mentioned $21.4-$21.65 billion. The outlook continues to reflect the impacts of fiscal 2025 store closures, which reduced annual net sales by approximately $145 million. The company also expects other revenues of $920 million.
Comparable sales (owned-plus-licensed-plus-marketplace) are projected to increase 0.5-1.2% compared with the prior stated range of a decline of 0.5% to growth of 0.5%. The improved outlook reflects continued momentum across the company’s go-forward business and positive customer response to its strategic initiatives.
The gross margin is anticipated to be 38.4-38.6%, indicating a 20-30 basis-point headwind from tariffs and fuel costs. SG&A expenses are expected to increase 1-2% on a dollar basis compared with fiscal 2025, with the expense rate anticipated to be in line with the prior year in the fiscal second and fourth quarters, and higher in the third quarter due to the timing of growth investments.
The adjusted EBITDA margin is expected between 7.7% and 7.9%. Adjusted earnings per share are anticipated to be $2.00-$2.20, up from the previously mentioned $1.90-$2.10. This incorporates an estimated 10-20-cent combined impact of tariffs and fuel costs. The outlook does not include the impacts of any future share repurchases under the company's existing authorization.
How Have Estimates Been Moving Since Then?Since the earnings release, investors have witnessed a downward trend in fresh estimates.
The consensus estimate has shifted -9.57% due to these changes.
VGM ScoresCurrently, Macy's has a strong Growth Score of A, though it is lagging a bit on the Momentum Score front with a B. Charting a somewhat similar path, the stock has a score of A on the value side, putting it in the top 20% for value investors.
Overall, the stock has an aggregate VGM Score of A. If you aren't focused on one strategy, this score is the one you should be interested in.
OutlookEstimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Notably, Macy's has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.
Performance of an Industry PlayerMacy's is part of the Zacks Retail - Regional Department Stores industry. Over the past month, Kohl's (KSS - Free Report) , a stock from the same industry, has gained 14%. The company reported its results for the quarter ended April 2026 more than a month ago.
Kohl's reported revenues of $3.17 billion in the last reported quarter, representing a year-over-year change of -2%. EPS of -$0.13 for the same period compares with -$0.13 a year ago.
Kohl's is expected to post earnings of $0.54 per share for the current quarter, representing a year-over-year change of -3.6%. Over the last 30 days, the Zacks Consensus Estimate has changed +5.1%.
The overall direction and magnitude of estimate revisions translate into a Zacks Rank #3 (Hold) for Kohl's. Also, the stock has a VGM Score of A.
The semiconductor rotation and memory stock profit taking puts investors in a bind trying to call the top. For contrarians that think these pullbacks are just a blip on the radar, we have the chart for you.
The below screen finds stocks where the shorts might be at a big loss and therefore likely to begin covering. Obviously, there are quite a few assumptions so these would be very rough estimates.
To estimate the return for the shorts, Rocky went back over the past year of short interest reports to find when the shorts were added. Then he used the average price over the prior two weeks and estimated the shorts were added at that average price. Below are stocks where significant shorts have been added and they could be at a big loss.
Bear in mind, this data is from the most recent reporting period (6/15).
The list is littered with growths tocks. Retailer Macy's (M) makes a surprise appearance. Quantum computing stalwart D-Wave Quantum (QBTS) returns. Top 2026 pick Digital Ocean Holdings (DOCN) is another name to watch.
Vancouver, British Columbia--(Newsfile Corp. - July 2, 2026) - Myriad Uranium Corp. (CSE: M) (OTCQB: MYRUF) (FSE: C3Q) ("Myriad" or the "Company") is pleased to announce that Phase II drilling at the Copper Mountain Uranium Project in Wyoming has commenced.
Highlights
Phase II drilling is now underway at the Copper Mountain Uranium Project in Wyoming. The first four holes will test mineralization at Lucky Cliff, a high-priority target area drilled by Union Pacific in the late 1970s and never followed up with modern techniques (see Figure 3).
Any mineralization confirmed at Lucky Cliff will be outside the 1982 U.S. DOE Bendix Engineering Report "Assessment Area" ("the Bendix Report") previously reported here (see Figure 1).
Once the holes at Lucky Cliff are complete, the Phase II program will turn to drilling areas, other than Canning, that are associated with historical resource estimates totalling 26.63 Mlbs eU3O8 contained in 44.1 Mt at an average grade of 171 ppm eU3O8, which are not being treated as current mineral resources or mineral reserves (see note about Historical Estimates below).
Canning contains roughly half of the historically estimated resources at Copper Mountain and was the focus of Myriad's highly successful 34-hole Phase I drill program in late 2024 (release here).
Phase II will also test new targets identified by our recent geophysics (release here), which have undergone verification by ground truthing using a hand-held gamma spectrometer.
The final stage of Phase II will be infill drilling to support a current mineral resource estimate under NI 43-101.
In 1982, Bendix Engineering for the U.S. Dept. of Energy reported an exploration target for Copper Mountain of 245 to 655 Mlbs eU3O8 contained within 1,111 Mt to 2,971 Mt (at 100 ppm eU3O8) and 222 Mt to 594 Mt (at 500 ppm eU3O8). Reported here and here (see Figure 1 and details below).
The potential tonnages and grades of the Bendix exploration target are conceptual in nature and are based on previous drill results and there has been insufficient exploration to define a current mineral resource, and it is uncertain if further exploration will result in the target being delineated as a mineral resource. See the section titled "Copper Mountain Exploration Target" below for more details.
Myriad's CEO, Thomas Lamb, commented: "Our aim for Phase II drilling will be to confirm mineralization, not just at the historically estimated areas of Copper Mountain, but also at entirely new targets identified through our successful geophysics programs and subsequent ground truthing. We also hope that Phase II, once complete, will provide support for a compelling current mineral resource estimate."
Mr. Lamb continued: "Beyond Phase II drilling, Myriad has a fast-moving and exciting 12 months ahead.
Our merger with Rush is in the final steps of completion and will consolidate 100% ownership of Copper Mountain. This will have many benefits, including increasing our market cap, attracting institutional investor interest, simplifying operational decision-making, and broadening access to financing.We plan to uplist to a major U.S. exchange.8VC-backed Subatomic will be advancing the Red Basin, NM project, in which we hold a 10% free carried interest (release here). Exploration of our Breccia Pipe Project in Arizona, which includes the Wate Pipe's high grade historical resource estimate, will commence (release here)."
Figure 1: Target positions relative to the Bendix Assessment area.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6301/303712_caea8a6de484c9fa_002full.jpg
Nasco Industrial Services and Supply (NISS) has deployed a Boart Longyear LF90D surface diamond core drill rig to Copper Mountain. The LF90D is a powerful, highly mobile surface diamond core drill rig known for its deep coring capacity and reliable hydraulic systems. It features a telescopic mast designed for both 3-metre (10 ft) and 6-metre (20 ft) rod pulls (Figure 2).
Figure 2: The Boart Longyear LF90D surface diamond core drill rig tramming to the project area at Copper Mountain.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6301/303712_caea8a6de484c9fa_003full.jpg
Lucky Cliff
Lucky Cliff is located about 2000 metres (6,500 feet) north of the Canning deposit, along the Myrtle's Fault trend. The target area was selected by Union Pacific as a drill target on the basis of favourable geological and geochemical criteria. Several strong N45°E structural trends are present, and the associated rock types are similar to those found at other mineralized occurrences in the project area. A close-spaced (500-foot center) stream sediment sampling program undertaken by Union Pacific identified several highly anomalous (to 118 ppm) zones, and follow-up work was designed to test these anomalies. Ground-truthing of radiometric anomalies by Myriad following the helicopter survey completed late last year identified one point above the target area with a surface measurement of 193.2 ppm eU, using a calibrated RS-230 Handheld Gamma-Ray Spectrometer. Handheld spectrometer readings are preliminary and indicative only, may be affected by environmental and geometric factors, are not assay results and may not be representative of uranium concentrations in rock samples.
At least twenty holes were drilled by Union Pacific in the late 1970s. At least 10 holes intersected mineralisation in excess of 100 ppm eU3O8 from depths as shallow as 20 ft (6 m). LK-9 intersected 355 ft of 0.027% eU3O8 starting at 59 ft (including 207 ft of 0.032% eU3O8). LK-11 intersected 31 ft of 0.020% at 21.5 ft and 59.5 ft of 0.025% at 83.5 ft. Other intersections in this target area included 15.5 ft of 0.055% eU3O8 at 55 ft in hole LK-10. Higher grades are associated with a mafic dyke intruding the main fault zone through the target area. There is no historic resource estimate for Lucky Cliff. Reported widths are historical downhole widths and true widths are unknown. Equivalent ("e") uranium grades were determined by AEC gamma probes using appropriate calibration factors. No original assay certificates or complete QAQC records have been reviewed by the Company or the Qualified Person for these historical drill results.
Figure 3: Planned drilling at Lucky Cliff. The purple shaded areas represent anomalous surface uranium measurements from Myriad's recent helicopter radiometric survey.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6301/303712_caea8a6de484c9fa_004full.jpg
Copper Mountain Exploration Target
In 1982, Bendix Field Engineering Corp. ("Bendix") identified an exploration target of 245 to 655 Mlbs eU3O8 contained within 1,111 Mt to 2,971 Mt (at 100 ppm eU3O8) and 222 Mt to 594 Mt (at 500 ppm eU3O8). This was based on previous exploration on the property by Union Pacific Corp. and Bendix own work, including data from over 1,370 historic drill holes. The exploration target and methodology were detailed in two reports by Bendix titled "An Exploration Systems Approach to the Copper Mountain Area Uranium Deposits, Central Wyoming (September 1982)" and "Copper Fountain, Wyoming, Intermediate-Grade Uranium Resource Assessment Project Final Report (September 1982)", respectively. The exploration target potential was derived from geologic reconnaissance and geochemical, geophysical, petrologic, borehole, and structural data interpretations that were used to develop a genetic model for uranium mineralization in these environments. Development of a structural scoring system and application of models in a high-confidence control area established the basis for estimations of the uranium target in the total assessment area covering approximately 39.6 square miles. The volume of the modeled areas determines the potential tonnage statement in the exploration target. The grade range given in the exploration target is determined with consideration to the drill results within the modeled exploration target area and consideration of the geological setting in an established exploration camp. The potential tonnages and grades are conceptual in nature and are based on previous drill results that defined the approximate length, thickness, depth and grade of the portion of the historic mineral resource estimate. There has been insufficient exploration to define a current mineral resource, and it is uncertain if further exploration will result in the target being delineated as a mineral resource. Further details are available in the current NI 43-101 Technical Report.
Historical Resource Estimates
The historically estimated resources totalling 26.6 Mlbs eU3O8 contained in 44.1 Mt at an average grade of 171 ppm eU3O8 (using 100 ppm cut-off) were compiled from internal progress reports produced by Union Pacific subsidiary, Rocky Mountain Energy Company. In particular, a report titled "Copper Mountain Exploration Project Report" prepared by Southard, G.G., et. al., (1979) for Rocky Mountain Energy Company. The estimates were completed using polygonal methods based on modelled mineralization geometries. The historic resources were classified as Inferred and Indicated using U.S. Bureau of Mines categories at the time and do not necessarily correspond with the resource categories defined by current NI 43-101 definitions and guidelines. Details of the historical resource estimates are available in the current NI 43-101 Technical Report.
While Myriad Uranium has determined that the historical estimates described in this news release are relevant to the Copper Mountain Project Area and are reasonably reliable given the authors and circumstances of their preparation, and are suitable for public disclosure, readers are cautioned to not place undue reliance on these historical estimates as an indicator of current mineral resources or mineral reserves at the Project Area. A qualified person (as defined under NI 43-101) has not done sufficient work to classify any of the historical estimates as current mineral resources or mineral reserves, and Myriad Uranium is not treating the historical estimates as a current mineral resource or mineral reserve. Also, while the Copper Mountain Project Area contains all or most of each deposit referred to, some of the resources referred to may be located outside the current Copper Mountain Project Area. Furthermore, the estimates are decades old and based on drilling data for which the logs are, as of yet, predominantly unavailable. The historical resource estimates, therefore, should not be unduly relied upon.
Inherent limitations of the historical estimates include that the nature of mineralization (fracture hosted) makes estimation from drill data less reliable than other deposit types (e.g. those that are thick and uniform). From Myriad Uranium's viewpoint, limitations include that the Company has not been able to verify the original data itself and that the estimates may be optimistic relative to subsequent work which applied a "delayed fission neutron" (DFN) factor to calculate grades. On the other hand, DFN is controversial, in that the approach is viewed by some experts as too conservative. Nevertheless, it was applied in later resource estimations by Union Pacific relating to Copper Mountain. To verify the historical estimates and re-state them as current resources, a program of re-drilling is required to generate new data that can be used to establish the correlation and continuity of geology and grades between boreholes with sufficient confidence to estimate mineral resources.
Qualified Person
The scientific and technical information in this news release has been reviewed and approved by George van der Walt, MSc., Pr.Sci.Nat., FGSSA, a "Qualified Person" as defined under NI 43-101. Mr. van der Walt is a Principal Consultant with The MSA Group (Pty) Ltd, an independent consultancy. A Qualified Person has not done sufficient work to verify historic exploration results or to classify the historical estimates referred to in this news release as current mineral resources or mineral reserves, and Myriad is not treating such historical estimates as current mineral resources or mineral reserves.
About Myriad Uranium Corp.
Myriad Uranium Corp. holds a 75% interest in the Copper Mountain Uranium Project in Wyoming, USA, with a definitive agreement in place to acquire the remaining 25% via the acquisition of Rush Rare Metals Corp. Copper Mountain hosts multiple historic uranium deposits and past-producing mines, including the Arrowhead Mine (approximately 500,000 lbs U₃O₈ produced). Union Pacific conducted extensive exploration and development in the district during the late 1970s, including approximately 2,000 boreholes and advanced mine planning, before the uranium market downturn in 1980. Union Pacific is estimated to have invested approximately C$125 million (2026 dollars) in the project, generating significant historical resource estimates.
A news release detailing a comprehensive assessment of Copper Mountain's uranium endowment by Bendix Engineering for the US Department of Energy published in 1982 can be viewed here.
Myriad holds a 10% free carried interest in the Red Basin Uranium Project, recently sold to 8VC- and Overmatch-backed Subatomic Industries. Red Basin carries significant historical resource estimates from extensive drilling by Occidental Oil in the late 1970s, and also hosts vanadium, which has been designated a strategic and critical mineral by the U.S. government. Note the caution on historical estimates below.
Myriad's 100%-owned Breccia Pipe Project in Arizona comprises at least 23 breccia pipes that are prospective for uranium and REEs. One of the pipes, the Wate Pipe, was previously owned and explored by Energy Fuels and is the subject of a historical resource estimate. The Breccia Pipe Project has been optioned to Wedgemount Resources (release here).
Note: A qualified person has not done sufficient work to classify the Copper Mountain, Red Basin, and Breccia Pipe Project historical estimates as current mineral resources or reserves and Myriad is not treating historical estimates as current resources or reserves. Myriad intends to conduct further work to determine whether the historical estimates can be verified and, if appropriate, supported by current mineral resource estimates.
Forward-Looking Statements
This news release contains "forward-looking information" that is based on the Company's current expectations, estimates, forecasts and projections. This forward-looking information includes, among other things, the Company's business, plans, outlook and business strategy. The words "may", "would", "could", "should", "will", "likely", "expect", "anticipate", "intend", "estimate", "plan", "forecast", "project" and "believe" or other similar words and phrases are intended to identify forward-looking information. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect, including with respect to the Company's business plans respecting the exploration and development of the Company's mineral properties, the proposed work program on the Company's mineral properties and the potential and economic viability of the Company's mineral properties. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Such factors include, but are not limited to: inability to verify historical data, no assurance of defining mineral resources, permitting, drilling delays and changes in economic conditions or financial markets; increases in costs; litigation; legislative, environmental and other judicial, regulatory, political and competitive developments; and technological or operational difficulties. This list is not exhaustive of the factors that may affect our forward-looking information. These and other factors should be considered carefully, and readers should not place undue reliance on such forward-looking information. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required by applicable law.
The CSE has not reviewed, approved or disapproved the contents of this news release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/303712
Source: Myriad Uranium Corp.
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Berkshire Hathaway New Q1 BuysBerkshire Hathaway stock may be underperforming major stock market indexes in recent years. Some new stock picks made by Abel in the first quarter could help close the gap.
In the first quarter, Berkshire Hathaway completely exiting more than 15 stock positions was one of the bigger headlines. This included selling some positions that had been owned for years.
Another headline was the new Abel-led company announcing three new stocks bought in the first quarter, which were:
The new purchases surprised some with Buffett often avoiding the airline sector and mostly avoiding technology like Alphabet for years. The conglomerate did own a position in Class A shares (GOOGL) before the first quarter.
With the second quarter over, investors now have one quarter complete since Berkshire’s purchases to track how they are doing. Here’s an updated scorecard.
Greg Abel Stock Buys ScorecardAs of July 1, here are the current profits made from the three stocks that Abel added to Berkshire Hathaway in the first quarter, based on the closing price from March 31, 2026.
Delta Air Lines: $1,074,366,217.44, +40.6% Macy’s: $16,255,199.25, +29.6% Alphabet Class C: $251,466,980.10, +24.5% All three of the new positions are up since the end of the first quarter. In total, the three positions are up around $1.34 billion and have gained 36%.
That’s not a bad return for one quarter for the new stock picks.
Investors will be closely monitoring the conglomerate’s next 13F to see if Abel made more big changes and announces any new stock holdings. Investors will also be watching to see if these new positions are maintained or changed, or if Abel is more okay with taking short-term profits than Buffett was.
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Positive Pre-Feasibility Study Results for the Pilot Mountain Tungsten Project
PFS Completion marks a critical step toward restoring domestically mined tungsten production in support of the U.S. defense industrial base and national security priorities
At Base Case, Study Shows After-Tax NPV of US$660.3M and IRR of 59.6%
LONDON, UK / ACCESS Newswire / June 30, 2026 / Guardian Metal Resources plc (NYSE.A:GMTL)(LON:GMET)(OTCQB:GMTLF), a strategic exploration company focused on tungsten in Nevada, USA, is pleased to announce the results of the Pre-Feasibility Study ("PFS" or the "Study") for the Pilot Mountain tungsten project ("Pilot Mountain" or the "Project"). The completion of the PFS marks a critical step in the Company's path towards the potential development of the first new United States ("U.S.") based tungsten mining operation in over a decade.
The Study results indicate that utilizing a conventional open-pit mining method and base case tungsten pricing*, the Project is planned to produce 15,916 tonnes of WO3 over an 8-year mine life, generating after-tax free cash flow of US$1.058 billion, with a capital payback period of 1 year from first commercial production. On an after-tax basis at base case tungsten pricing*, this translates to a net present value ("NPV8") of US$660.3 million at an 8% discount rate and an internal rate of return ("IRR") of 59.6%. At the 12 June 2026 tungsten spot price, the Project would generate after-tax free cash flow of US$2.088 billion, with an IRR of 101.6%, an NPV8 of US$1.366 billion and a capital payback of 6 months from first commercial production.
The PFS was completed in accordance with S-K 1300 standards by a team of U.S.-based specialist firms, led by Samuel Engineering, Inc. of Denver, Colorado and RESPEC Company LLC ("RESPEC") of Reno, Nevada. The PFS includes an updated Mineral Resource Estimate ("MRE") covering two Project zones, Garnet and Desert Scheelite, as well a Mineral Reserve Statement ("MRS") for the Project. The supporting technical analyses relating to the updated MRE and MRS will be included in a S-K 1300 Technical Report Summary currently being prepared by the Company.
The Pilot Mountain PFS was made possible by a U.S. Department of War $6.2M Defense Production Act (DPA) Title III investment in Guardian Metal's wholly-owned subsidiary, Golden Metal Resources (USA) LLC in July 2025. The Company sincerely thanks the Assistant Secretary of War for Industrial Base Policy, the Honorable Michael P. Cadenazzi, who oversees the Department's execution of its DPA authorities, for their valued support of this milestone study, which marks a critical step toward restoring domestic tungsten mine production in support of the nation's defense industrial base and national security priorities.
Currency values are stated in U.S. dollars and are presented on a 100% project basis. All tonnages are stated in metric tonnes.
*Base case utilizes a tungsten price of US$197,300 per tonne of WO3, representing a ~35% discount to the mid-price for ammonium paratungstate ("APT") as quoted by Fastmarkets MB-W-0001 of US$304,000 per tonne of WO3 as of 12 June 2026. The mid-price as of 26 June 2026 was US$307,500 per tonne of WO3. All prices are for APT with the study assuming a payable factor of 82% for tungsten concentrate.
Oliver Friesen, Chief Executive Officer of Guardian Metal, commented:
"We are delivering this Study at an inflection point: we believe that the global tungsten market is undergoing an unprecedented structural reset, and the world is waking up to the immense importance of securing reliable, home-grown critical mineral supply. The importance of tungsten for defense, technology, aerospace, and national security has never been more apparent. We believe that Pilot Mountain is the only tungsten Project in the United States with a recently completed S-K 1300 compliant PFS, positioning it as a unique opportunity for near-term U.S. mined tungsten production.
"Against this backdrop, the Pilot Mountain PFS supports the Project's development potential to support U.S. critical mineral and defense independence. We believe this firmly establishes the Project as one of the more compelling tungsten development opportunities in the Western world. The Study demonstrates robust economics using conservative pricing assumptions, with considerable upside at current tungsten prices and from the Project's exploration potential.
"The completed PFS is a testament to years of diligent work by our fantastic operations and development team, and gives us and our stakeholders great confidence as we advance the Project through further engineering, permitting and development toward a future construction decision. We look forward to sharing further updates as we progress toward establishing the first new domestically mined U.S. tungsten operation in over a decade, with production targeted for Q4 2028."
Marc Leduc, P.Eng., Operations Manager of Guardian Metal, commented:
"This PFS represents the culmination of years of detailed technical work, and I am very proud of what our team has delivered. Tungsten is a metal critically important to U.S. defense, national security and reindustrialization, yet there has been no domestic production in the country for over a decade. Pilot Mountain is a high-margin Project that is uniquely positioned to fill a critical gap in the U.S. tungsten supply chain.
"We are particularly encouraged by the simplicity of the Project. We are proposing the use of conventional mining and processing methods throughout, producing what we believe will be a high-quality concentrate capable of being processed entirely within the U.S.
"The Study outlines a robust operation with a payback period of one year. Beyond the current resource base, we believe there is meaningful exploration upside across a number of the Project's other target areas, including but not limited to, the Tremor Zone, Gunmetal, and Good Hope. We look forward to continuing to advance those targets alongside the important permitting and development work progressing on the Project's Desert Scheelite and Garnet deposits. We believe that we are well positioned to file our Mine Plan of Operations in the near-term as we advance through the National Environmental Policy Act permitting process."
PFS Highlights:
Economics, Pricing and Capex
•
After-tax NPV8 of US$660.3 million and Project IRR of 59.6%, with a capital payback period of 1 year generating after-tax free cash flow of US$1.058 billion*.
•
Expected low initial Project capital expenditure ("capex") of US$288.7 million, with sustaining capital of US$33.9 million and closure costs of US$22.3 million. Capex includes 15.7% contingency (US$39.1 million) and US$34.3 million of preproduction mining.
•
In its first full year of operations, the Project is modeled to generate US$348 million in Earnings Before Interest, Taxes, Depreciation, and Amortization ("EBITDA") at the base case*.
•
As of the 12 June 2026 tungsten spot price of US$304,000 per tonne, first year EBITDA is modeled to increase to US$569 million, representing an uplift of approximately 64% from the EBITDA base case price.
•
Also at the 12 June 2026 tungsten spot price, the Project generates after-tax free cash flow of US$2.088 billion with a 101.6% IRR and NPV8 of US$1.366 billion and has a capital payback period of 6 months from first commercial production.
•
Expected adjusted operating cost of US$54,622 per tonne of WO3 in concentrate (including royalties, transportation, refining along with zinc and silver credits), with a targeted concentrate grade of 60% WO3.
*Base case utilizes a tungsten price of US$197,300 per tonne of WO3, representing a ~35% discount to the mid-price for APT as quoted by Fastmarkets MB-W-0001 of US$304,000 per tonne of WO3 as of 12 June 2026. The mid-price as of 26 June 2026 was US$307,500 per tonne of WO3. All prices are for APT with the study assuming a payable factor of 82% for tungsten concentrate.
Resource, Reserve and Production
•
Mineral Resources increased to 21,600 tonnes of WO3 Indicated, with Probable Mineral Reserves of 20,275 tonnes of WO3 (11,822,000 tonnes @ 0.171% WO3).
•
The operation plan calls for the construction of a 4,000 tonne per day processing plant using flotation recovery methods to produce a tungsten concentrate.
•
The ore will be mined from a conventional open-pit mine using 92-tonne haul trucks and large wheel loaders.
•
The operation plan calls for the construction of a conventional lined tailings storage facility which will meet the U.S. and international standards for tailings management, including the Nevada Administrative Code requirements and Canadian Dam Association guidelines.
Timelines, Life of Mine, Permitting and Utilities
•
The Project timelines contemplate an open-pit mining operation with first ore through the mill in Q4 2028, with initial commissioning tonnes marking the start of processing operations.
•
Expected initial 8-year Life of Mine ("LoM") producing 15,916 tonnes of recovered WO3, with significant opportunity to extend through ongoing exploration at the Tremor Zone, Gunmetal, Good Hope, plus other unnamed target areas across the Project.
•
Work completed for the PFS supports the near-term filing of the Mine Plan of Operations ("POO") with the Bureau of Land Management as part of federal National Environmental Policy Act ("NEPA") permitting process.
Investor Presentation:
As previously announced, Guardian Metal will host a live investor presentation via 6ix on 01 July 2026 at 11:00 ET / 16:00 BST to discuss the PFS results and provide an update on the Company's outlook, including next steps for the Pilot Mountain Project.
The presentation is open to all existing and potential shareholders. Questions may be submitted ahead of the event via the registration form or at any time during the event.
Investors can sign up to 6ix for free and register for Guardian Metal's presentation here: https://6ix.com/event/guardian-metal-resources-presents-pilot-mountain-pfs
PFS Summary Results with Price Sensitivities:
Item (all after tax)
NPV8
IRR
After tax
Cash Flow
Payback
(US$M)
(%)
(US$M)
(years)
Base Case US$197,300/t WO3
$660
59.6%
$1,058
1.00
Spot US$304,000/t WO31
$1,366
101.6%
$2,088
0.51
Base -20% US$157,840/t WO3
$395
41.3%
$671
1.31
Base +20% US$236,760/t WO3
$922
76.0%
$1,440
0.71
Notes:
1. APT mid-price as of 12 June 2026 as quoted by Fastmarkets MB-W-0001. Latest price as of 26 June 2026 was US$307,500/t.
Further Details:
The following information is derived from the PFS. The PFS reflects a pre-feasibility level assessment of the Project, with the accuracy being plus 20% and minus 15% and is based on the assumptions and parameters described herein. References to "will" or "expected" reflect the planned development scenario, subject to a positive construction decision and successful Project financing.
The PFS envisages initial capital expenditure of US$288.7 million to construct a fully integrated mine, mill complex and associated infrastructure, with a mill feed capacity of 1.4 million tonnes per annum. The operation is designed to produce ~2,000 tonnes of WO₃ in concentrate per annum, with the targeted concentrate grade of greater than 60% WO₃ over the life of mine.
Adjusted operating costs are projected at US$54,622 per tonne of WO₃ contained in concentrate; AISC of US$58,151 per tonne of WO₃ contained in concentrate.
The economic analysis presented in the PFS is based on the assumptions and parameters used in the Study and should be read together with the qualifications, assumptions, and risk factors described elsewhere in this announcement.
The Desert Scheelite and Garnet tungsten deposits are located approximately 2 kilometers apart within a large land package hosting multiple areas of tungsten mineralization. Known tungsten intercepts proximal to the current resource areas provide meaningful potential for further resource expansion.
The PFS estimates first production in late 2028, subject to approval of the POO and a NEPA analysis in mid-2027. The Study utilizes conventional open-pit mining and processing methods, with mine design incorporating environmental protection measures across all phases of construction, operations, and closure. Grid power connection is anticipated via a potential self-build powerline option, with water supply to be sourced from wells, subject to receipt of the required water rights.
Combined production from two concurrent open pits is estimated at 15,916 tonnes of WO₃ in concentrate over the mine life, with a life-of-mine stripping ratio of 12.6, a head grade of 0.171% WO₃, and tungsten recovery from milling and flotation estimated at 78.5%. Mining will utilize 92-tonne haul trucks, with both contractor and owner fleet options evaluated in the PFS. The base case assumes a contractor mining model with an owner's team management structure.
Initial mining of the Desert Scheelite pit will facilitate construction of a modern, zero discharge lined tailings storage facility with a rock embankment. Processing infrastructure will comprise primary and secondary crushing, a two-stage grinding circuit, and a flotation recovery plant. Tungsten will be recovered using an industry-standard fatty acid flotation circuit, with sulfide minerals, including silver, recovered ahead of the tungsten recovery stage. Silver will be produced as part of a base metal concentrate and marketed separately from the primary tungsten product.
PFS Detailed Technical Results:
Desert Scheelite
Garnet Tungsten
Total Pilot Mountain
Study Production Statistics
Units
Mine
Mine
Project
Total Ore Mined
million tonnes
9.738
2.085
11.822
Total Material Mined
million tonnes
144.013
16.337
160.350
Stripping Ratio
waste: ore
13.8:1
6.8:1
12.6:1
Processing Rate
tonnes per day
4,000
Tungsten Head Grade
%
0.182
0.120
0.171
Silver Head Grade
Ag g/t
10.68
2.78
9.28
Contained Tungsten
Tonnes WO3
17,768
2,507
20,275
Contained Silver
kOz
3,343
186
3,529
Tungsten Recovery
%
78.5%
78.5%
78.5%
Silver Recovery
%
60%
60%
60%
Total Recoverable Tungsten 1
Tonnes WO3
13,948
1,968
15,916
Total Recoverable Silver
kOz
2,006
112
2,117
Average Annual Tungsten Production
Tonnes WO3
1,744
246
1,990
Average Annual Silver Production 2
kOz
251
14
265
Capital
Initial Capital
US$ million
$288.7
Sustaining Capital
US$ million
$33.9
Life of Mine Capital
US$ million
322.6
Contingency (included)
US$ million
$39.1
Contingency (included)
%
15.7%
Operating Costs
Adjusted Operating Cost per Tonne of Ore 3
US$/t ore
$73.54
Mining
US$/t ore
$48.16
Processing
US$/t ore
$24.86
G&A
US$/t ore
$6.23
Other 4
US$/t ore
$(5.71)
Adjusted Operating Cost per tonne of WO3 3
US$/t WO3 net of by-products
$54,622
AISC per Tonne of WO35
US$/t WO3 net of by-products
$58,151
Mine Life (LoM)
years
8
Project Economics6
Base Case Pricing
Post-tax NPV (8%)
US$ million
$660.3
Pre-tax NPV (8%)
US$ million
$856.7
Post-tax NPV (10%)
US$ million
$589.6
Pre-tax NPV (10%)
US$ million
$767.5
Post-tax NPV (15%)
US$ million
$446.6
Pre-tax NPV (15%)
US$ million
$587.4
Post-tax IRR
%
59.6%
Pre-tax IRR
%
67.8%
Payback Period
years
1.00
Notes:
1. WO3 calculations are made assuming a saleable good quality tungsten concentrate at >50% WO3 concentrate grade for the U.S. market.
2. Silver production is averaged over the Desert Scheelite mine life only.
3. Adjusted Operating Costs Include: On-site mining, processing and general and administrative expenses ("G&A"), royalties and production/excise taxes, permitting and community cost related to current operations, third party smelting, refining and transport costs, stockpiles and inventory write-downs, site-based non-cash remuneration, and by-product credits.
4. Other category includes royalties, transport, production/excise taxes, refining, and by-product credit.
5. AISC includes: Adjusted Operating Costs (above) plus closure costs, and sustaining capital.
6. Project economics are presented for 100% of the project.
Figure 1: PFS Production Profile (Produced WO3 Contained in Concentrate)
Figure 2: PFS Post-tax Annual and Cumulative Cashflow Profile (grey line cumulative after tax cashflow - right axis)
Figure 3: Project Sensitivity Analysis (Post-tax Base case NPV8 with 10% Sensitivities)
Figure 4: Project Sensitivity Analysis (Post-tax Base Case IRR with 10% Sensitivities)
EBITDA Calculation at Base Case Price
Metric
Unit
US$
Production
Sold WO3
tonnes
15,916
Sold Zn
tonnes
20,037
Sold Ag
ounces
2,117,414
Revenue
Total Gross Revenue
$000
2,702,949
Total Deductions
$000
(6,335)
Total Receipts less deductions
$000
2,696,614
Private Royalty (2%)
$000
(54,059)
Total Net Revenues
$000
2,642,555
Project Operating Costs
Mining Cost
$000
(569,318)
Processing Cost
$000
(293,902)
SG&A Cost
$000
(73,282)
Total Operating Costs
$000
(936,902)
Project Capital Costs
Project Development Capital
$000
(288,701)
Sustaining Capital
$000
(33,929)
Closure
$000
(22,250)
Total Capital Cost and Closure
$000
(344,880)
EBITDA, Capital, Tax and Cashflow
EBITDA
$000
1,705,654
EBITDA-Capital
$000
1,360,773
Total Taxes
$000
(302,684)
After Tax Total Cashflow
$000
1,058,090
The Mineral Reserve and Mineral Resource estimates summarized below are derived from the PFS. The supporting technical analyses, assumptions, and disclosures relating to such estimates are expected to be included in a forthcoming Technical Report Summary being prepared in accordance with S-K 1300.
Pilot Mountain Project Mineral Reserve Statement:
Probable Reserves total 11.8 million tonnes containing 20,275 tonnes of WO3 and 3.5 million ounces silver as detailed below:
Average Grade
Contained Metal
Pit
Classif-ication
k Tonnes
WO3%
Ag g/t
Zn %
WO3 t
K oz Ag
Zn t
Desert Scheelite
Probable
9,738
0.182
10.68
0.30
17,768
3,343
28,813
Garnet
Probable
2,085
0.120
2.78
0.22
2,507
186
4,583
Total
Probable
11,822
0.171
9.28
0.28
20,275
3,529
33,396
Mineral Reserve Statement Notes:
1. The effective date of Desert Scheelite and Garnet Mineral Reserve Statement is 15 June 2026.
2. The point of reference for Mineral Reserves is at the crusher.
3. Resource blocks were diluted to the selective mining unit (SMU) and additional dilution was added for reporting of Reserves. The QP, RESPEC, who is responsible for the statement of reserves believes that the blocks can be reasonably mined at the SMU size. Desert Scheelite SMU blocks were 5m by 2.5m by 5m in the X, Y, and Z directions respectively. Garnet SMU blocks were 5m by 5m by 2.5m in the X, Y, and Z directions respectively.
4. Reserves are reported based on a 0.040% WO3 cutoff grade. The cutoff grade was applied only to the WO3 grades. Silver and tungsten are reported as the contained metal within the Probable material processed.
5. Rounding may result in apparent discrepancies between tonnages and contained metal totals.
6. Indicated material has been converted to Probable Reserves. The resources do not contain any Measured material, so no Proven reserves are reported. All Inferred resources are considered as waste material.
7. Reserves are reported by RESPEC.
8. Reserves are reported based on US$115,000/t WO3, US$38.00/oz Ag, and US$2,700/t Zn metal prices. Note that the final cashflow analysis uses a higher WO3 price. The lower price is reasonable with the reporting of reserves as RESPEC considers material below the reporting cutoff grade to be immaterial.
Pilot Mountain Project Mineral Resource Estimate:
Mineral Resources are reported inclusive of Mineral Reserves. Indicated total 12.1 million tonnes containing 21,600 tonnes of WO3 and 3.9 million ounces silver as detailed below:
Average Grade
Contained Metal
Pit
Classif-ication
k Tonnes
WO3 %
Ag g/t
Zn %
WO3 t
k oz Ag
Zn t
Desert Scheelite
Indicated
9,978
0.189
11.39
0.30
18,900
3,656
29,900
Inferred
1,933
0.158
11.48
0.29
3,000
713
5,500
Garnet
Indicated
2,158
0.127
3.18
0.23
2,700
221
5,000
Inferred
364
0.110
1.87
0.11
400
22
400
Total
Indicated
12,136
0.178
9.93
0.29
21,600
3,877
34,900
Inferred
2,297
0.150
9.96
0.26
3,400
735
5,900
Mineral Resource Estimate Notes:
1. The effective date of Desert Scheelite and Garnet mineral resources is 26 May 2026.
2. The Mineral Resource estimate was calculated by RESPEC in metric tonnes.
3. The point of reference is in situ mineralization prior to extraction by open pit mining methods.
4. The average grades of the tabulations are comprised of the weighted average of block-diluted grades within optimized pits.
5. The Desert Scheelite and Garnet Mineral Resource cut‑off grade of 0.04% WO₃ was selected by the authors. Operating assumptions were applied to establish a theoretical pit limit, including a WO₃ price of US$115,000/t, an average recovery of 75% WO₃, a processing rate of 4,000 tonnes/day, US$3.50/t mining cost for open pit, US$23.00/t processing cost, US$5.17/t processed for G&A, and an 82% payability. Blocks outside the pit limit are considered not economic at this time.
6. The accessory metals Ag and Zn shown in the above table are the quantities contained within the Mineral Resource envelope using the cut-off grade established for the primary commodity (WO3). No independent cut-off grade has been applied to these accessory metals. Reported quantities of accessory metals are therefore considered by-products of the primary metal resource and their value is contingent upon the ability to economically extract the by-products along with the primary commodity.
7. The estimate of Mineral Resources may be materially affected by geology, environmental, permitting, legal, title, taxation, sociopolitical events, marketing, or other relevant issues.
8. Rounding as required by reporting guidelines may result in apparent discrepancies between tonnes, grade, and contained metal content.
9. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. An Inferred Mineral Resource has a lower level of confidence than an Indicated Mineral Resource and cannot be converted to a Mineral Reserve. RESPEC reasonably expects that continued exploration and delineation will upgrade the majority of Inferred Mineral Resources to Indicated Mineral Resources.
Outlook:
The tungsten market has been fundamentally reshaped by the absence of domestic U.S. primary mined supply and China's decision in February 2025 to control exports of tungsten raw materials, having historically accounted for approximately 80% of global primary supply.
Guardian Metal is committed to advancing Pilot Mountain as rapidly as possible, progressing detailed engineering and permitting activities in parallel as it works towards a construction decision. The Company is actively engaged with relevant government agencies and participants across the tungsten value chain, reflecting its view that the United States is facing a material near- and medium-term tungsten supply shortage. In addition, the Company will consider the best value of the Project for all stakeholders including local, state and national communities through the permitting and final designs.
Given the severity of the current supply deficit, the prevailing price environment, and strong modeled operating margin, the Company may elect to make a construction decision based on the 2026 PFS, potentially proceeding to production without completion of a full feasibility study. However, no such decision has been made at this time and further technical, permitting, financing, and development work remains ongoing. Readers are cautioned to consider this possibility when evaluating the Project and its associated risks.
Project Ownership:
Guardian Metal owns a 100% interest in Pilot Mountain through its U.S. wholly-owned subsidiaries Pilot Metals Inc. and BFM Resources Inc.
References
1 Company announcement, U.S. Department of Defense Awards US$6.2M to Golden Metal Resources for the Pilot Mountain Project, dated 23 July 2025
( https://polaris.brighterir.com/public/guardian_metal_resources/news/rns/story/wvm0n3w )
Qualified Person
Scientific and technical disclosure contained herein has been reviewed and approved by independent third-party consulting firms-RESPEC, Samuel Engineering, Inc., and NewFields Mining Design & Technical Services, LLC ("NewFields") -each a 'qualified person' under Subpart 1300 of Regulation S-K. RESPEC has reviewed and approved the disclosures relating to exploration results, and Mineral Resource and Reserve estimations. Samuel Engineering, Inc. has reviewed and approved the disclosures relating to metallurgical testing, processing design, and economic analysis. NewFields has reviewed and approved the disclosure related to the Tailings Storage Facility. The findings and conclusions of the Study have not yet been formalized and summarized into a Technical Report Summary prepared in accordance with Subpart 1300 of Regulation S-K. The Company is currently preparing an updated Technical Report Summary reflecting the results of the Study and expects to file such Technical Report Summary with the SEC in the near-term. This announcement summarizes the principal findings and conclusions of the PFS. Additional technical information, assumptions, qualifications, and supporting analyses relating to the Mineral Resource estimates, Mineral Reserve estimates and economic analysis summarized herein are expected to be included in the forthcoming Technical Report Summary.
Independent Review Statements
The technical information contained in this disclosure has been read and approved by the U.S. Department of War and by Mr Nicholas O'Reilly (MSc, DIC, MIMMM QMR, MAusIMM, FGS), who is a qualified geologist and acts as the Competent Person under the AIM Rules - Note for Mining and Oil & Gas Companies. Mr O'Reilly is a Principal consultant working for Mining Analyst Consulting Ltd which has been retained by Guardian Metal Resources plc to provide technical support.
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014 (which forms part of domestic UK law pursuant to the European Union (Withdrawal) Act 2018).
Cautionary Note to Investors: Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
Forward Looking Statements
This announcement contains forward-looking statements relating to expected or anticipated future events and anticipated results that are forward-looking in nature, and, as a result, are subject to certain risks and uncertainties, including general economic, market and business conditions, competition for qualified staff, the regulatory process and actions, technical issues, new legislation, potential delays or changes in plans, uncertainties resulting from operating in a new political jurisdiction, uncertainties regarding the results of exploration, the timing and granting of prospecting rights, the timing and granting of regulatory and other third party consents and approvals, Guardian Metal's or any third party's ability to execute and implement future plans, and the occurrence of unexpected events.
Forward-looking statements are subject to risks and uncertainties, including those described in the Company's filings with the SEC. There can be no assurance that the Project will be developed on the timetable contemplated by the PFS, or at all, or that the economic outcomes described in the PFS will ultimately be realized. Guardian Metal undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.
This announcement does not purport to be full or complete. No reliance may or should be placed by any person for any purpose on the information contained in this announcement or its accuracy, fairness or completeness. The information in this announcement is subject to change. For further information visit www.guardianmetalresources.comor contact the following:
Guardian Metal Resources PLC (NYSE.A:GMTL)(LON:GMET)(OTCQB:GMTLF) is a strategic mineral exploration company driving the revival of U.S. mined tungsten production and strengthening America's defense metal independence. The Company is advancing two co-flagship tungsten projects, Pilot Mountain, one of the largest undeveloped tungsten deposits in the United States and Tempiute, formerly America's largest producing tungsten operation, both located in Nevada, one of the top-rated mining jurisdictions in the United States.
In July 2025, the U.S. Department of War (DoW) under Title III of the Defense Production Act of 1950, as amended, invested US$6.2M in Golden Metal Resources (USA) LLC, a wholly-owned subsidiary of Guardian Metal Resources PLC, to support the Pilot Mountain PFS. The Company completed a U.S. listing on the NYSE American on 20 March 2026.
Tungsten is a strategic metal critical to the defense, energy transition, technology, and industrial sectors. In the context of shifting geopolitical dynamics and tightening Chinese export restrictions, Guardian Metal is well positioned to play a leading role in re-establishing a secure, domestically mined US supply chain for this vital defense metal.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
Key Takeaways Macy's grew Q1 2026 net sales by 1.8% to $4.7 billion alongside stronger digital performance.M said early customer response to its Ask Macy's AI shopping assistant has been favorable.Macy's continues investing in digital, its Reimagine 200 stores and luxury banners to support growth. Macy’s Inc. (M - Free Report) is strengthening its digital business as part of its Bold New Chapter strategy, using artificial intelligence, platform enhancements and faster fulfillment to improve customer engagement. The digital channel is becoming increasingly important to the retailer, with digital sales accounting for 34% of first-quarter 2026 net sales, up from 33% a year ago, underscoring consumers’ growing preference for online shopping.
The company’s digital investments are translating into stronger business performance. During the first quarter, digital contributed to positive comparable sales, helping Macy’s deliver 3% comparable sales growth, its strongest first-quarter result in four years, while go-forward comparable sales increased 3.1%. Macy’s reported 1.8% net sales growth to $4.7 billion, reflecting broad-based momentum across its omnichannel operations.
Artificial intelligence (AI) is becoming a key differentiator. Macy’s introduced Ask Macy’s, an AI-powered conversational shopping assistant designed using insights from thousands of store associates. The tool helps customers discover products across stores and digital channels, while the company continues improving its digital platform and expanding its curated online marketplace to enhance assortment, personalization and product discovery. Management said early customer response to Ask Macy’s has been favorable.
Technology is also improving operational efficiency. Macy’s reported a 4.2% increase in units processed per hour across its direct-to-consumer and store replenishment network, while order-to-ship times improved 5.7% year over year. The company believes ongoing AI initiatives will further streamline operations, enabling it to better serve customers and support employees while strengthening its omnichannel capabilities.
Macy’s continues investing in digital across its go-forward business, alongside Reimagine 200 stores and its luxury banners. These efforts, coupled with stronger customer engagement and AI-driven personalization, reinforce management’s confidence in sustained omnichannel growth and support its decision to raise full-year fiscal 2026 guidance.
Macy’s Price Performance, Valuation & EstimatesShares of Macy’s have risen 44.4% over the past three months compared with the industry’s 21.6% growth.
Image Source: Zacks Investment Research
From a valuation standpoint, Macy’s is trading at a forward 12-month price-to-sales ratio of 0.31X, down from the industry average of 0.50X. M has a Value Score of A.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for Macy’s fiscal 2026 earnings implies a year-over-year decline of 6.9%, while the same for fiscal 2027 indicates an uptick of 5.2%. Estimates for fiscal 2026 and 2027 have been revised upward by 5 cents and 4 cents, respectively, over the past 30 days.
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Macy’s currently has a Zacks Rank #3 (Hold).
Key PicksWe have highlighted three top-ranked stocks in the retail space, namely, Genesco Inc. (GCO - Free Report) , Tapestry, Inc. (TPR - Free Report) and Ross Stores Inc. (ROST - Free Report) .
Genesco is a specialty retail and branded company that sells footwear and accessories in retail stores. The company flaunts a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Genesco’s current fiscal-year earnings implies growth of 55.2% from the year-ago actual. GCO delivered a trailing four-quarter average earnings surprise of 3.8%.
Tapestry offers lifestyle products, which include handbags, women’s and men’s accessories, footwear, jewelry, seasonal apparel collections, sun wear, travel bags, fragrance and watches. It currently sports a Zacks Rank of 1.
The Zacks Consensus Estimate for Tapestry’s current fiscal-year earnings and sales suggests growth of 36.3% and 13.8%, respectively, from the year-ago actuals. TPR delivered a trailing four-quarter average earnings surprise of 15.6%.
Ross Stores operates as an off-price retailer of apparel and home accessories. The company sports a Zacks Rank #1 at present.
The Zacks Consensus Estimate for Ross Stores’ current fiscal-year earnings and sales indicates growth of 17.1% and 9.1%, respectively, from the year-ago actuals. ROST delivered a trailing four-quarter average earnings surprise of 10.2%.
Berkshire Hathaway's age of Greg Abel has begun. It can't be easy to take over after Warren Buffett's 60 years of building the company into the massive powerhouse it is today and cementing his legacy as one of the greatest investors ever, but Abel is diving right in. He had pledged to concentrate the stock portfolio into fewer high-conviction holdings, and he cut out about 16 small positions in his first quarter as CEO.
He did, however, also buy three new stocks, including department store retailer Macy's (M +5.80%). Macy's has been a public company for more than 30 years, and this is the first time Berkshire Hathaway has bought its stock. The retailer has been distressed as shopping habits change, and the stock trades at a P/E ratio of only 10. That's cheap, but is it a great value?
Image source: Macy's.
What went wrong, and what's going right Macy's is still a major retailer, but it's gone through a transformation as trends move away from large and clunky department stores, which is Macy's bread and butter. It has closed hundreds of stores and redesigned others, and it's investing in its e-commerce channels.
The company owns three brands: Macy's, Bloomingdale's, and Bluemercury, and the latter two have been pulling more of the weight. In the 2026 first quarter (ended May 2), total comparable sales (comps) increased 3% over last year, its best showing in four quarters. The breakdown was Macy's comps up 1.6%, Bloomingdale's comps up 10.2%, and Bluemercury comps up 6.4%.
The Bloomingdale's performance was particularly excellent, with its highest first-quarter comps ever. That implies momentum, especially in the face of stubborn inflation. It's a luxury retailer, and not only is its target customer still shopping, they're choosing to do so at its stores.
Adjusted earnings per share (EPS) were $0.13, ahead of guidance and up from $0.11 last year.
Is Macy's stock a bargain? If Abel is like his predecessor, he'll be looking for great businesses with strong management, a moat, and a fair value. With the goal of holding a stock forever, Berkshire Hathaway's management would be looking for a company that can create shareholder value over many years, not a quick turnaround story.
Today's Change
(
5.80
%) $
1.39
Current Price
$
25.34
Does Macy's fit that? Its moat would be its strong brand, which still commands popularity and presence. With the smaller footprint, it can begin to operate more efficiently and profitably.
Buffett also loves companies that pay dividends, and Macy's dividend yields a high 3% at the current price.
I do think Macy's looks like a bargain right now, and it certainly looks like a good buy for passive income investors.
The demolition of the iconic Macy’s billboard at Broadway and West 34th Street has been delayed as the department store and the owner of the billboard haggle over its future, The Post has learned.
As The Post exclusively reported, the four-story, red-and-white fixture was initially set to be destroyed the weekend of June 5.
“We are in discussions with Macy’s, no question about it,” said Ed Hart, chief executive of Kaufman Organization, which owns the building where the bag-shaped sign has been perched for more than 60 years.
The Macy’s shopping bag billboard has been on display for more than 60 years. Andriy Blokhin – stock.adobe.com Hart declined to go into detail on the talks, saying only, “There are a number of things in play.”
His firm erected scaffolding around the building – tucked into the cut-out corner of the Macy’s flagship – over the weekend of June 6. The scaffolding surrounds the Sunglass Hut store that has been in the retail space for decades.
Earlier this month, Macy’s acknowledged the imminent removal of the billboard.
“As the neighborhood continues to evolve, the current sign – while beloved – is outdated and will be removed as part of broader updates by the billboard owner to modernize the space,” the department store told The Post.
The company did not immediately comment about the delay.
Scaffolding was erected around the base of the sign on June 5. Jimin Kim/SOPA Images/Shutterstock The city’s Buildings Department said it has issued a permit to remove the old billboard, along with permits for two new signs to go up. The cost of removing the sign and putting a new one up will cost Kaufman $1.7 million, according to the documents.
A real estate executive described the situation as a “game of chicken” between Macy’s and Kaufman, which may have been caught off guard by the retailer’s public statement on the matter on June 5.
The billboard is of great importance to Macy’s.
The retailer sued Kaufman in 2021 when it believed that the real estate company was planning to splash an Amazon ad on the building after Macy’s lease for billboard space expired.
“To the naked eye, the billboard is on Macy’s department store and in its own right iconic,” the department store said in a complaint.
The Macy’s Herald Square flagship was built around a tiny building at the corner of Broadway and West 34th St. Getty Images The company argued that an agreement it signed with the building’s owner in 1963 prevents the landlord from leasing the billboard to a competitor – a prohibition that lasts “forever,” according to the lawsuit.
Kaufman argued that it was not bound by such a clause. But the companies appear to have settled the complaint, because the shopping bag remained on the building for the next five years.
Macy's has defied sector pessimism, delivering >100% stock gains in twelve months and reaching new multiyear highs after a strong Q1 beat-and-raise. I reiterate my buy rating, citing continued upside driven by resilient sales to higher-income consumers, operational rigor, and new growth avenues. M remains attractively valued at 11.4x FY26 P/E and 10.3x FY27 P/E, trading below peers like Kohl's despite stronger sales momentum.
Key Takeaways Macy's luxury banners drove growth, with Bloomingdale's up 10.2% and Bluemercury up 6.4%.Macy's digital sales reached 34% of net sales as stores and e-commerce worked together.Macy's is expanding AI tools and supply-chain automation to improve inventory and fulfillment. Macy's, Inc. (M - Free Report) is no longer just a department-store turnaround story. Its latest progress is tied to retail trends that could shape the business beyond one quarter.
Luxury demand, omnichannel selling, artificial intelligence tools and supply-chain upgrades are becoming more central to the company’s strategy. The question is whether these initiatives can improve execution enough to offset cost pressure and uneven discretionary demand.
Macy’s Luxury Mix Is Becoming More ImportantBloomingdale’s and Bluemercury are giving Macy’s a higher-quality mix as the core department-store channel remains less consistent. Bloomingdale’s posted 10.2% comparable sales growth in the first quarter of 2026 and recorded its highest first-quarter sales volume in 154 years.
Bluemercury added 6.4% comparable sales growth, led by makeup, dermatological skincare and fragrances. New and remodeled Bluemercury stores continued to outperform, giving Macy’s another premium banner that can support resilience when lower-income customers turn more selective.
Image Source: Zacks Investment Research
M Omnichannel Keeps Gaining ShareDigital sales represented 34% of net sales in the first quarter, up from 33% a year earlier. That matters because Macy’s go-forward model is built around stores and digital working together, rather than treating e-commerce as a separate channel.
Store initiatives are also reinforcing the online experience. Reimagine locations helped the Macy’s nameplate generate 1.6% comparable sales growth, while digital contributed to the positive comparable sales result. This makes omnichannel execution a structural part of the turnaround.
Macy’s AI Push Moves Into Daily RetailMacy’s AI efforts are focused on practical retail tasks. The company is using AI-related work in inventory forecasting and management, areas that can affect in-stock levels, replenishment and customer satisfaction.
Ask Macy’s, an AI-powered conversational shopping assistant, is another example. The tool is meant to support discovery across channels and reduce friction in the shopping journey, which is more useful than a broad technology claim without a clear customer purpose.
M Supply Chain Upgrades Could Add LeverageSupply-chain modernization is another part of the trend story. Macy’s China Grove distribution facility is ramping up, with automation delivering early benefits in service levels and cost efficiencies.
The company is also building additional capacity ahead of the holiday period. Better order flow and fulfillment can support the digital channel, improve customer experience and help control costs as the company continues investing in its go-forward store base.
Macy’s Trend Story Still Faces PressureThe trend case does not remove the financial constraints. Tariffs reduced first-quarter gross margin by about 30 basis points, and second-quarter guidance assumes tariffs and fuel costs will create a 20- to 40-basis-point gross margin headwind.
Consumer demand is another limit. Lower-income cohorts remain more choosy, while big-ticket home, especially furniture, was soft in the quarter. Amazon.com, Inc. (AMZN - Free Report) remains a key benchmark in digital convenience, while Walmart Inc. (WMT - Free Report) is a scale-driven omnichannel retailer that keeps pricing and fulfillment expectations high across retail.
What Macy’s Signals Say About the Trend TradeMacy’s has credible exposure to attractive retail themes, especially luxury, AI-enabled selling and omnichannel shopping. Still, these trends need to translate into durable sales growth and margin protection before the stock earns a stronger trend-driven case.
The stock currently carries a Zacks Rank #3 (Hold), which fits a balanced view rather than a high-conviction call. The Neutral stance reflects visible progress, but also recognizes pressure from tariffs, freight costs, consumer caution, competition and ongoing investment needs. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
No Style Scores are provided for Macy’s in the available setup. That limits the factor lens investors normally use to assess Value, Growth, Momentum and VGM Score, so the debate falls back to valuation, execution and earnings durability.
A Zacks Rank #3 can still be held when the business case remains intact, but the Style Scores framework generally favors stocks with stronger rank support and A or B scores. For Macy’s, the trend exposure is real, but investors still need evidence that these initiatives can compound through a tougher discretionary retail backdrop.
Key Takeaways Macy's posted 3% enterprise comparable sales growth, its strongest first quarter in four years.Reimagine stores reached 200 locations, driving engagement and 2.4% comparable sales growth.M faces tariff, fuel and inventory pressures even as luxury banners and digital sales grow. Macy's, Inc. (M - Free Report) is showing better execution as its Bold New Chapter strategy gains operating traction across stores, digital and luxury banners. The key issue for investors is whether these gains can hold against pressure from costs and uneven discretionary demand.
The latest results show progress, but not a clean break from risk. Macy’s still has to protect margins while reshaping its store base and funding growth initiatives.
Macy’s Strategy Starts Showing ResultsBold New Chapter is moving beyond planning and into measurable operating performance. In the first quarter of fiscal 2026, enterprise comparable sales increased 3%, marking Macy’s strongest first-quarter comparable sales performance in four years.
All three nameplates delivered positive growth, and management raised its 2026 outlook after net sales, comparable sales, adjusted EBITDA and adjusted earnings per share exceeded expectations. The bigger point is execution quality, not just stabilization. Better merchandising, service and store standards give the turnaround a firmer base.
M Reimagine Stores Lift Customer EngagementThe Reimagine initiative is becoming Macy’s most visible store-level playbook. Macy’s expanded the program by 75 locations in the first quarter, bringing the total to 200 stores.
These locations now represent nearly 60% of the go-forward Macy’s store fleet and accounted for about 75% of fiscal 2025 go-forward Macy’s store sales. Reimagine locations posted 2.4% comparable sales growth and have been positive in eight of the past nine quarters, while customer engagement benefited from record first-quarter Net Promoter Score results at the Macy’s nameplate.
Macy’s Luxury Banners Add StabilityBloomingdale’s and Bluemercury are improving Macy’s portfolio mix. Bloomingdale’s comparable sales rose 10.2% in the first quarter and reached the highest first-quarter sales volume in its 154-year history.
Bluemercury comparable sales increased 6.4%, supported by makeup, dermatological skincare and fragrances. The two banners help offset choppier trends at the core Macy’s banner and give the company exposure to customers and categories where differentiation matters.
M Digital and AI Expand Macy’s ReachDigital remains central to Macy’s omnichannel push. Digital sales represented 34% of net sales in the first quarter, up from 33% a year earlier.
The company is also using technology in practical ways. The China Grove distribution facility is showing early automation benefits in service levels and cost efficiency, while inventory forecasting tools and Ask Macy’s, an AI-powered shopping assistant, are designed to reduce friction and support conversion.
How Macy’s Risks Could Slow ProgressCost pressure remains the biggest constraint. Tariffs reduced gross margin by about 30 basis points in the first quarter, while second-quarter guidance assumes tariffs and fuel costs will cut gross margin by 20-40 basis points and adjusted earnings per share by 3-4 cents.
Store closures also weigh on reported sales. The 14 non-go-forward stores closed at the end of fiscal 2025 reduced first-quarter sales by about $40 million, and fiscal 2025 closures are expected to create a $145-million annual sales headwind. Inventory rose 3.6% to $4.8 billion, adding markdown risk if demand weakens. Competition from Kohl's Corporation (KSS - Free Report) and Target Corporation (TGT - Free Report) reinforces the need for Macy’s to sharpen value, service and omnichannel execution.
Image Source: Zacks Investment Research
What Macy’s Signals Mean for InvestorsMacy’s turnaround signals are improving, but the investment case still calls for balance. Comparable sales growth, luxury momentum and Reimagine traction support a more constructive view of the business.
M currently carries a Zacks Rank #3 (Hold), which fits a measured stance. The Rank points to a stock that may be appropriate to hold while investors monitor estimate trends, margin protection and execution consistency. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
No Value Score, Growth Score, Momentum Score or VGM Score is provided for Macy’s. That leaves investors leaning more heavily on the operating trade-offs: better store and luxury execution on one side, and tariffs, freight, inventory and discretionary-demand risks on the other.
Kootenay Silver Announces Positive PEA with a US$763 Million After-Tax NPV & 41% IRR for La Cigarra Silver Project Kootenay Silver Announces Positive PEA with a US$763 Million After-Tax NPV & 41% IRR for La Cigarra Silver Project PR Newswire
VANCOUVER, BC, June 15, 2026
The Project includes a 14-year open-pit silver project delivering strong economics, a rapid 1.9 year payback, and a 63.7-million-ounce payable silver production profile with significant exploration upside remaining along a 9-kilometre mineralized trend.
, /PRNewswire/ - Kootenay Silver Inc. (the "Company" or "Kootenay") (TSXV: KTN) (OTCQX: KOOYF) is pleased to announce the results of a positive Preliminary Economic Assessment ("PEA")i for its 100%-owned La Cigarra Silver Project ("La Cigarra" or the "Project") in Chihuahua, Mexico.
The La Cigarra Project is situated within the well-established Parral Mining District of Chihuahua State, Mexico), which hosts two nearby mining operations, the Santa Barbara Mine and the San Francisco Del Oro Mine. Both mines are active silver producers located approximately 20–30 kilometres to the south of La Cigarra along the same mineralized trend and are actively mining to depths of up to 2,000 kilometres deep. Together, these two operations produced 440 million ounces of silver from 1650 to 1988 (Grant and Ruiz, 1988) with both operations still in production today. Readers are cautioned that the information disclosed from adjacent properties is not necessarily indicative to the mineralization on the Project that is the subject of this disclosure.
Key Highlights of the PEA
All monetary values are in U.S. dollars unless otherwise noted.
Project Economics
After-tax net present value at consensus metal pricesii (5% discount rate): $763 millionAfter-tax internal rate of return (IRR): 41%After-tax net present value at spot metal pricesiii (5% discount rate): $1,295 million and IRR of 64%Capital and Cost Structure
Initial capital cost: $332 millionSustaining capital cost: $80 millionPayback period: 1.9 years (after tax)Study life-of-mine (LOM): 14 yearsProduction Profile
Average annual silver production over Years 1–5: 6.22 million ounces.Average LOM annual payable silver production: 4.55 million ouncesLOM payable-silver production: 63.6 million ouncesAverage annual after-tax revenue: $107 million per year.Average all-in sustaining cost: $18.73/oz AgProcessing rate: 6,000 tonnes per dayAverage silver recovery: 89.3%
Management Commentary
James McDonald, President and CEO of Kootenay Silver, said:
"The Preliminary Economic Assessment marks a significant milestone in advancing La Cigarra toward development. The 14-year mine life, strong annual production, and IRR demonstrate the potential for a long-life silver operation in one of Mexico's premier mining districts, a district that has been producing for nearly 500 years. We believe the combination of attractive economics, substantial resource-growth potential, existing infrastructure, and strong silver market fundamentals, positions La Cigarra as a compelling development asset, significantly adding value to the stakeholders in the region."
Ken Berry, Chairman of Kootenay Silver, added:
"This study validates our strategy of advancing our portfolio of silver assets through the development pipeline. With La Cigarra now supported by a positive PEA, we are evaluating the next steps to unlock additional value through resource expansion, engineering optimization, and advancement toward permitting and feasibility engineering."
Cautionary Statement Regarding the PEA
The PEA is preliminary in nature and includes Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves. Inferred Mineral Resources have a lower level of confidence than that applied to Measured and Indicated Mineral Resources and there is no certainty that Inferred Mineral Resources will be converted to Measured or Indicated Mineral Resources through further exploration. There is no certainty that the results of the PEA will be realized.
Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. The Project does not contain any Mineral Reserves and the economic analysis contained in the PEA is based on Mineral Resources, including Inferred Mineral Resources and there is no certainty that Mineral Resources will be converted into Mineral Reserves.
PEA Inputs
The following tables outline various operation and capital cost inputs, production details including ounces of silver and gold produced and pounds of lead and zinc produced, mining rate, tonnes mined, strip ratio, metal recovery factors, total cash cost for silver, all in sustaining cost for silver long term price assumptions for silver, gold, lead and zinc, tax inputs, EBITA, pre and post-tax for net present values, internal rate of return, free cash flow, and payback period.
Description
Unit
LOM Total /
Average
General assumptions
Silver price
US$/oz
50.0
Gold price
US$/oz
3,611.0
Lead price
US$/lb
0.91
Zinc price
US$/lb
1.25
Discount rate
%
5.00
Production
Total payable silver
koz
63,663.9
Total payable gold
koz
27.3
Total payable lead
Mlb
45.3
Total payable zinc
Mlb
48.5
Operating costs
Mining cost
US$/t mined
2.11
Processing cost
US$/t processed
9.49
Site G&A cost
US$/t processed
3.50
Operating cash cost
US$/oz AgEq
16.85
AISC
US$/oz AgEq
18.73
Capital costs
Initial capital (Inc. Closure
Deposit)
US$M
332.2
Sustaining capital
US$M
79.7
Economics
Net Revenue
US$M
3,326.3
EBITDA
US$M
2,342.1
Pre-tax Free Cashflow
US$M
1,897.0
Pre-tax NPV (5%)
US$M
1,265.0
Pre-tax IRR
%
55 %
Pre-tax payback
years
1.7
Post-tax Free Cashflow
US$M
1166.0
Post-tax NPV (5%)
US$M
762.7
Post-tax IRR
%
41 %
Post-tax payback
years
1.9
Table of production details in the PEA
Metric
Unit
Base Case
Mine life
years
14
Plant throughput
t/d
6,000
Total material mined
Mt
273.1
Total material processed
Mt
30.4
Oxide material processed
Mt
5.8
Sulphide material processed
Mt
24.6
Average strip ratio
t:t
8.0
Average Ag head grade
g/t
78.66
Average Au head grade
g/t
0.06
Average Pb head grade
%
0.13 %
Average Zn head grade
%
0.18 %
Total payable Ag in doré
koz
20,873.7
Total payable Au in doré
koz
6.8
Total payable Ag in concentrates
koz
42,790.2
Total payable Au in concentrates
koz
20.6
Total payable Pb
Mlb
45.3
Total payable Zn
Mlb
48.5
Total payable AgEq
koz AgEq
67,674.4
Table of capital cost inputs
Capital cost item
Unit
Base Case
Mining capital
US$M
7.9
Processing capital
US$M
122.6
Tailings and water management
US$M
12.4
Site infrastructure
US$M
57.8
Indirect costs / EPCM / owner's costs
US$M
73.3
Contingency
US$M
54.4
Closure and reclamation Deposit
US$M
3.7
Total initial capital
US$M
332.2
Sustaining capital
US$M
79.7
Closure and reclamation
US$M
-33.2
Total LOM capital
US$M
378.6
Table of operating cost inputs.
Operating cost item
Unit
Base Case
Mining cost
US$/t mined
or moved
$2.11
Rehandle cost
US$/t
rehandled
$2.11
Oxide processing cost
US$/t
processed
$9.49
Sulphide processing cost
US$/t
processed
$9.49
Mixed/campaign processing cost
US$/t
processed
$9.49
G & A
US$/t
$3.50
Total site operating cost
US$/t
processed
$32.41
Operating cash cost
US$/oz Ag
Payable
$16.85
AISC
US$/oz Ag
Payable
$18.75
Table of tax inputs
Item
Unit
Base Case
Income Tax
%
30.0
Mining Royalty Tax (EBITDA)
%
8.5
Precious Metal Royalty tax (Au-Ag NSR)
%
1.0
Total Income Tax and Royalty Incurred
US$M
731.0
Total LOM royalties
US$M
231.3
Table of revenue source by metal
Revenue source
Net revenue
contribution
Silver
94.1 %
Gold
2.9 %
Lead
1.2 %
Zinc
1.8 %
Total
100.0 %
Project Overview
La Cigarra is approximately 26 kilometers from the historic mining city of Parral, and benefits from strong existing infrastructure, including road access, nearby power, and a skilled local workforce.
The updated Project Mineral Resource estimate ("MRE") (Table 1) forms the basis of the PEA.
Highlights of the Project MRE are as follows:
Measured + Indicated Mineral Resources are estimated at 23.02 Mt grading 81 g/t Ag, 0.06 g/t Au, 0.14% Pb, and 0.19% Zn (93 g/t AgEq). The Measured + Indicated MRE includes 60.02 Moz Ag, 45.2 koz Au, 71.3 Mlb Pb, and 97.0 Mlb Zn (69.02 Moz AgEq).Inferred Mineral Resources are estimated at 6.78 Mt grading 79 g/t Ag, 0.05 g/t Au, 0.15% Pb, and 0.17% Zn (90 g/t AgEq). The Inferred MRE includes 17.25 Moz Ag, 11.90 koz Au, 22.7 Mlb Pb, and 25.5 Mlb Zn (19.72 Moz AgEq).Table 1: La Cigarra Deposit Mineral Resource Estimate, April 4, 2026
Resource
Class
Tonnes
(M)
Grade
Total Metal
Ag
(g/t)
Au
(g/t)
Pb
(%)
Zn
(%)
AgEq
(g/t)
Ag
(Moz)
Au
(koz)
Pb
(Mlb)
Zn
(Mlb)
AgEq
(Moz)
Measured
2.93
84
0.06
0.14
0.19
96
7.87
5.60
9.1
12.4
9.01
Indicated
20.09
81
0.06
0.14
0.19
93
52.14
39.60
62.2
84.6
60.01
Measured + Indicated
23.02
81
0.06
0.14
0.19
93
60.02
45.20
71.3
97.0
69.02
Inferred
6.78
79
0.05
0.15
0.17
90
17.25
11.90
22.7
25.5
19.72
Notes:
•
The classification of the current MRE into Measured, Indicated, and Inferred is consistent with current CIM Definition Standards For Mineral Resources and Mineral Reserves (CIM, 2014).
•
All figures are rounded to reflect the relative accuracy of the estimate, and numbers may not add due to rounding.
•
Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. An Inferred Mineral Resource has a lower level of confidence than that applying to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that most Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.
•
It is envisioned that the La Cigarra deposit may be mined using open-pit mining methods. Mineral Resources are reported at a base-case cut-off grade of 30 g/t AgEq. The in-pit Mineral Resource grade blocks are quantified above the base-case cut-off grade, above the constraining pit shell, below topography, and within the constraining mineralized domains (the constraining volumes).
•
The results from the pit optimization are used solely for the purpose of testing the "reasonable prospects for economic extraction" by an open pit and do not represent an attempt to estimate Mineral Reserves. There are no Mineral Reserves on the property. The results are used as a guide to assist in the preparation of a Mineral Resource statement and to select an appropriate resource-reporting cut-off grade.
•
Mineral Resources are presented undiluted and in situ, constrained by continuous 3-D wireframe models, and are considered to have reasonable prospects for eventual economic extraction at the base-case cut-off grade of 30 g/t AgEq.
•
The base-case AgEq cut-off grade considers metal prices of $36.00/oz Ag, $3,600/oz Au, $0.91/lb Pb, and $1.23/lb Zn, and considers variable metal recoveries for Ag, Au, Pb, and Zn: for oxide mineralization—88.3% for Ag, 37.5% for Au; for sulphide mineralization—89.3% for Ag, 61.8% for Au, 70.0% for Pb, and 59.1% for Zn.
•
The base-case cut-off grade of 30 g/t AgEq considers a mining cost of $2.00/t mined, and processing, treatment, refining, General & Administrative, and transportation cost of $23.23/t for oxide mineralization, and $22.33/t for sulphide mineralization.
•
The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.
The updated Project in-pit MRE at various cut-off grades is presented in Table 2.
Table 2: In-Pit Mineral Resource Estimate at Various AgEq Cut-off Grades, April 4, 2026
AgEq Cut-Off
Grade (g/t)
Tonnes
(M)
Ag
(g/t)
Au (
g/t)
Pb
(%)
Zn
(%)
AgEq
(g/t)
Ag
(Moz)
Au
(koz)
Pb
(Mlb)
Zn
(Mlb)
AgEq
(Moz)
Measured
20
3.14
79
0.06
0.13
0.18
91
8.02
5.80
9.3
12.7
9.19
30
2.93
84
0.06
0.14
0.19
96
7.87
5.60
9.1
12.4
9.01
40
2.53
92
0.06
0.15
0.20
105
7.52
5.10
8.5
11.4
8.56
50
2.11
104
0.06
0.17
0.22
117
7.03
4.40
7.8
10.2
7.95
60
1.75
116
0.07
0.18
0.23
130
6.51
3.70
7.1
9.1
7.32
70
1.45
129
0.07
0.19
0.25
143
6.01
3.10
6.2
7.9
6.70
80
1.23
141
0.07
0.21
0.25
156
5.56
2.60
5.6
6.9
6.16
Indicated
20
21.52
77
0.06
0.14
0.18
88
53.04
41.30
64.4
87.3
61.21
30
20.09
81
0.06
0.14
0.19
93
52.14
39.60
62.2
84.6
60.01
40
17.26
89
0.06
0.15
0.21
102
49.61
35.60
57.6
78.3
56.81
50
14.46
100
0.07
0.16
0.22
114
46.36
31.10
52.3
70.4
52.76
60
12.14
110
0.07
0.18
0.23
125
43.01
26.80
47.2
62.7
48.66
70
10.06
122
0.07
0.19
0.25
137
39.44
22.80
41.5
55.1
44.34
80
8.40
134
0.07
0.20
0.26
149
36.10
19.40
36.6
47.8
40.33
Inferred
20
7.25
75
0.05
0.15
0.16
86
17.54
12.60
23.6
26.3
20.12
30
6.78
79
0.05
0.15
0.17
90
17.25
11.90
22.7
25.5
19.72
40
5.95
86
0.05
0.16
0.18
98
16.56
10.20
21.1
23.8
18.78
50
4.87
98
0.05
0.18
0.20
110
15.29
8.20
19.1
21.3
17.21
60
4.00
109
0.05
0.19
0.22
122
14.01
6.90
16.6
19.4
15.69
70
3.23
122
0.05
0.21
0.24
135
12.64
5.60
14.7
17.3
14.09
80
2.64
135
0.05
0.22
0.26
149
11.43
4.50
12.9
15.1
12.66
Notes:
•
Values in these tables reported above and below the base-case cut-off grades for in-pit MRE's should not be mistaken for a Mineral Resource statement. The values are only presented to show the sensitivity of the block-model estimates to the selection of the base-case cut-off grade (highlighted).
•
All values are rounded to reflect the relative accuracy of the estimate, and numbers may not add due to rounding.
In addition to silver, the deposit contains gold, lead, and zinc credits that contribute to Project economics and provides additional optionality as engineering work advances.
Development Plan
The PEA contemplates developing:
Conventional open-pit miningCrushing and grinding circuitsFlotation and leaching process plantTailings and rock management facilitiesMine infrastructure and support facilitiesProgressive mine development over a 14-year operating life.The Project also remains open for expansion along strike and at depth, with mineralization traced over a broader 9-kilometre trend that supports further exploration upside.
Upside Opportunities
The Company has identified several opportunities to further enhance Project value, including:
Resource expansion drilling along strike and at depthConversion of Inferred Mineral Resources to higher-confidence categoriesEvaluation and conversion of satellite and extension mineralized zonesMetallurgical optimization studiesMine plan optimization and staged development alternatives.Next Steps
Following completion of the PEA, Kootenay intends to:
Initiate additional resource expansion drillingAdvance environmental baseline studiesConduct geotechnical and hydrogeological investigationsEvaluate opportunities for a Feasibility StudyContinue stakeholder engagement and permitting activities.Technical Report
The full National Instrument 43-101 ("NI 43-101") Standards of Disclosure for Mineral Projects Technical Report supporting the PEA will be filed on SEDAR+ within 45 days of this news release and will also be available on the Company's website.
Qualified Persons
The Kootenay technical information in this news release for the PEA has been prepared in accordance with the Canadian regulatory requirements and reviewed and approved on Kootenay's behalf by consultants who are independent, and each of whom is a Qualified Person ("QP") as defined by NI 43-101. The following acted as authors of the PEA:
Shervin Teymouri (P.Eng.), Sacré-Davey Engineering Inc.Marinus André de Ruijter (P.Eng.), Sacré-Davey Engineering Inc.Allan Armitage (PhD. P.Geo.), SGS Canada Inc. Geological ServicesAntonio Loschiavo (P.Eng.), AKF Mining Services Inc.Stacy Freudigmann (P.Eng. F.AusIMM.), Canenco Consulting Corp.Craig Hall (P.Eng.), Knight Piésold Ltd.Mr. Dale Brittliffe (BSc., P. Geol.), Vice President, Exploration, of Kootenay Silver, is the Company's QP under NI 43-101, and has reviewed and approved, the scientific and technical content in this press release.
About Kootenay Silver Inc.
Kootenay Silver Inc. is an exploration company actively engaged in the discovery and development of mineral projects in the Sierra Madre region of Mexico. Supported by one of the largest junior portfolios of silver assets in Mexico, Kootenay continues to provide its shareholders with significant leverage to silver prices. The Company remains focused on the expansion of its current silver resources, new discoveries, and the near-term economic development of its priority silver projects in prolific mining districts in Sonora State and Chihuahua State, respectively.
This news release contains "forward looking information" and "forward-looking statements", within the meaning of applicable Canadian securities legislation (collectively, "forward-looking statements"). All statements other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as of the date of this news release.
Forward-looking statements in this news release include, without limitation, statements regarding: the results of the Preliminary Economic Assessment ("PEA"); projected economics of the La Cigarra Silver Project (the "Project"), including net present value, internal rate of return, payback period, capital costs, operating costs, cash costs, all-in sustaining costs, production rates, mine life, processing rates, recoveries and revenues; the potential development of the Project; future resource growth and conversion; opportunities to enhance Project economics; future exploration, drilling, engineering, metallurgical, environmental, geotechnical and hydrogeological programs; advancement of the Project toward a pre-feasibility study, feasibility study, permitting and potential construction; the timing of future technical studies; the future price of silver, gold, lead and zinc; and the Company's future plans, objectives and strategies.
Forward-looking statements are based upon a number of assumptions considered reasonable by management at the time such statements are made, including, but not limited to: the accuracy of the current Mineral Resource Estimate; the assumptions and methodologies used in the PEA; the achievement of projected production, operating and capital cost estimates; assumed metal prices, exchange rates and tax regimes; the availability of financing on acceptable terms; the ability to obtain required permits, licences and approvals in a timely manner; the availability of equipment, labour, contractors and supplies; the realization of anticipated metallurgical recoveries; and general business, economic and market conditions.
Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to differ materially from those expressed or implied by such forward-looking statements. Such factors include, among others: fluctuations in commodity prices; changes in capital and operating cost estimates; changes in project parameters as plans continue to be refined; risks related to Mineral Resource estimation; risks associated with the inclusion of Inferred Mineral Resources in the PEA; uncertainty of future exploration results; uncertainty of obtaining permits, licences and regulatory approvals; environmental and social risks; taxation changes; political and economic developments in Mexico; labour shortages; inflationary pressures; financing risks; foreign exchange risks; title risks; and other risks disclosed in the Company's public disclosure record available on SEDAR+.
Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct, and readers should not place undue reliance on forward-looking statements. Forward-looking statements are made as of the date hereof and except as otherwise required by law, Kootenay expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statements to reflect any change in Kootenay's expectations or any change in events, conditions or circumstances on which any such statement is based.
Cautionary Note to US Investors: This news release includes Mineral Reserves and Mineral Resources classification terms that comply with reporting standards in Canada and the Mineral Reserves and the Mineral Resources estimates are made in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101"). NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. These standards differ significantly from the requirements adopted by the U.S. Securities and Exchange Commission (the "SEC"). The SEC sets rules that are applicable to domestic United States reporting companies. Consequently, Mineral Reserves and Mineral Resources information included in this news release is not comparable to similar information that would generally be disclosed by domestic U.S. reporting companies subject to the reporting and disclosure requirements of the SEC. Accordingly, information concerning mineral deposits set forth herein may not be comparable with information made public by companies that report in accordance with U.S. standards.
Reference
Grant, G. J., & Ruiz, J. (1988). The Pb-Zn-Cu-Ag deposits of the Granadena Mine, San Francisco del Oro-Santa Barbara District, Chihuahua. Economic Geology, 83, 1683–1702.
______________________________
i Prepared by Sacré-Davey Engineering Inc. and Canenco Consulting Corp., the PEA evaluates an open-pit mine and conventional processing facility at La Cigarra.
ii Consensus metal prices of $50.00/oz Ag, $3,611/oz Au, $0.91/lb Pb, and $1.25/lb Zn.
iii Spot metal prices of $67.23/oz Ag, $4,210/oz Au, $0.91/lb Pb, and $1.57/lb Zn.
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Macy's, Inc. (NYSE:M) reported first quarter results that beat Wall Street expectations for both earnings and revenue, while also raising its full-year guidance, which saw its shares edge about 1% higher on Wednesday.
For Q1, the company reported adjusted diluted earnings per share of $0.13, compared with analyst estimates of $0.03. Net sales totaled $4.68 billion, versus expectations of $4.61 billion.
Macy’s said comparable sales increased 3.0% in the quarter, driven by gains across all three of its main banners.
Macy’s comparable sales rose 1.6%, Bloomingdale’s increased 10.2%, and Bluemercury climbed 6.4%. Net sales rose 1.8% year over year to approximately $4.7 billion.
The company also raised its full-year outlook, increasing guidance for net sales, comparable sales, and adjusted EPS. Macy’s now expects full-year adjusted earnings per share of $2.00 to $2.20, up from $1.90 to $2.10 previously, and net sales of $21.5 billion to $21.75 billion.
“We’re off to a strong start to the year, exceeding expectations for the fifth consecutive quarter as our Bold New Chapter strategy continues to build momentum,” Macy’s CEO Tony Spring said in a statement.
“Customers are responding – driving comparable sales growth at Macy’s and another standout quarter at Bloomingdale’s, underscoring its leadership in modern luxury.
Jefferies analysts wrote that the results represented a “strong beat” with a raised fiscal 2026 guide, pointing to continued strength at Bloomingdale’s, positive Macy’s comparable sales, and accelerating performance at Bluemercury.
The firm noted that Macy’s banner comps improved from the prior quarter, while Bloomingdale’s maintained double-digit growth and Bluemercury showed further acceleration.
They highlighted that while full-year guidance was raised, second-quarter EPS guidance of $0.29 to $0.34 came in below consensus expectations of $0.36 at the midpoint, even as comparable sales guidance for the quarter remained positive. Jefferies suggested this could reflect a conservative outlook, with implied second-half performance roughly flat.
Jefferies also pointed to Macy’s maintained its adjusted EBITDA margin outlook of 7.7% to 7.9%, noting offsetting pressures from higher fuel costs and lower tariff assumptions. The firm added that expectations had already improved into the print but still sees potential upside to estimates and valuation going forward.
Macy's CEO Tony Spring discusses the company's earnings, consumer spending trends and the outlook for retail sales with Romaine Bostick on "Bloomberg The Close." -------- More on Bloomberg Television and Markets Like this video?
Key Takeaways M beat Q1 estimates as comps turned positive across all nameplates and channels, best in four years.M raised FY26 outlook: net sales $21.5B-$21.75B, comps up 0.5-1.2%, adjusted EPS $2.00-$2.20.M cites Reimagine 200 comps up 2.4%, luxury strength, early gains from its AI shopping assistant and events. Macy’s, Inc. (M - Free Report) used its first quarter of fiscal 2026 call to make a broader point than an earnings beat. Management said the company’s Bold New Chapter strategy is gaining traction across banners, with stronger execution, healthier category breadth and a more responsive customer.
That message mattered because the quarter also gave Macy’s room to raise full-year guidance while keeping a cautious tone on tariffs, fuel costs and the macro backdrop.
Macy’s Raises Outlook After Broad-Based BeatM reported adjusted earnings per share of $0.13, ahead of the Zacks Consensus Estimate of $0.02 and delivering a 678.44% surprise. Revenues of $4.68 billion also topped the Zacks Consensus Estimate of $4.62 billion by 1.28%.
Chief executive officer and chairman Tony Spring said the company posted its best comparable sales performance in four years, with all nameplates and channels positive. He framed that as evidence that Macy’s merchandising, service and marketing changes are starting to resonate more consistently.
Management also raised full-year guidance. Macy’s now expects fiscal 2026 net sales of $21.5 billion to $21.75 billion, comparable sales growth of 0.5% to 1.2% and adjusted EPS of $2.00 to $2.20.
Macy’s Reimagine Stores Keep Leading the ChainSpring pointed to Macy’s nameplate as a central proof point for the strategy, with comparable sales up 1.6% and Reimagine 200 locations up 2.4%. He said those stores have now delivered positive comparable sales in eight of the last nine quarters.
The CEO described Reimagine less as a single initiative than as a store-level operating model. He said the gains are coming from sharper assortments, stronger storytelling, added staffing, better fitting-room and beauty service, and more local decision-making.
That local element came up again in the Q&A. Responding to Telsey Advisory Group, Spring said local leaders now have more freedom to deploy resources by floor and area, which he tied to better execution across regions and cohorts.
Macy’s Sees Luxury and Beauty OutperformThe strongest growth again came from Macy’s higher-end banners. Bloomingdale’s comparable sales rose 10.2%, while Bluemercury comps increased 6.4%.
Spring said Bloomingdale’s is benefiting from premium contemporary and luxury positioning, new brands, personalized service and traffic-driving events. He also said the banner is gaining from closer collaboration with Macy’s without losing brand distinction.
Beauty remained another bright spot. Management said Bluemercury’s quarter was driven by makeup, dermatological skin care and fragrances, while Spring added in the Q&A that all three banners are leaning into service-led beauty experiences to make stores more relevant.
Macy’s Balances Growth Spending and Cost PressureChief operating officer and chief financial officer Thomas Edwards said gross margin was 38.9% of net sales, down 30 basis points from last year. Excluding tariffs, he said gross margin would have been flat.
Edwards argued that expense control was a bigger positive. SG&A was flat as a percent of revenues despite continued investment in Reimagine, Bloomingdale’s and digital initiatives, helping adjusted EBITDA come in above guidance at 5.9% of total revenues.
The company’s outlook still reflects outside cost pressure. Edwards said full-year guidance assumes tariff rates lower than previously expected but also elevated fuel and transportation costs, with the two factors netting to a neutral effect for the year.
Macy’s Q&A Centers on Traffic, AUR and MarginsSeveral analysts pressed on the durability of the sales momentum. In response to questions from Jefferies and Goldman Sachs, management said second-quarter trends had remained encouraging and the first quarter was notably consistent month to month.
Spring said traffic improved sequentially, while average unit retail and basket size stayed supportive. He told analysts that Macy’s is carrying a better mix of premium fabrication, stronger brands and less clearance merchandise, which is helping pricing without relying on heavier promotions.
Evercore ISI and UBS focused on the link between higher AUR and margins. Edwards said first-quarter gross margin performance was in line with internal expectations and maintained that the company still sees room for margin build through the rest of the year as inventory and assortment tools improve.
Macy’s Uses AI and Events to Deepen EngagementMacy’s also used the call to highlight customer-facing and operational initiatives beyond the quarter. Spring said Ask Macy’s, the new AI-powered shopping assistant, is producing higher conversion among users in its early stages.
Edwards added that the company now has 35 AI pilots and tests underway, spanning customer service, associate productivity and supply-chain use cases. He said the goal is to support the broader strategy rather than pursue technology for its own sake.
Management also emphasized event-driven customer engagement. Spring tied upcoming fireworks, parade, MLB and World Cup activations to Macy’s effort to create reasons to visit stores and digital channels beyond basic need-based purchases.
Macy’s Ends the Call With Measured ConfidenceThe tone exiting the call was constructive but disciplined. Spring repeatedly said the company feels good about the factors it can control, while keeping room for guidance for geopolitical and macro uncertainty.
Edwards reinforced that posture by pairing the stronger sales outlook with a prudent stance on tariffs, fuel and competitive conditions. The overall message was that Macy’s sees clearer internal momentum, but is not ready to declare the external environment easy.
Macy’s Rank and Style SignalsM carries a Zacks Rank #4 (Sell), along with a Value Score of A, Growth Score of B, Momentum Score of A and VGM Score of A. Those Style Scores point to favorable characteristics across value, growth and momentum factors, with the VGM Score indicating strong combined appeal.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Still, Zacks materials make clear that the Rank takes priority over the Style Scores. A Zacks Rank #4 signals weaker earnings estimate revision trends, even when other style measures look attractive. That rank can change after a fresh earnings report as analyst estimates are updated.
Shares of Macy's (M +1.32%) stock rose 11% in May, according to data provided by S&P Global Market Intelligence. It got a boost from Berkshire Hathaway's new stake, and it reported a solid earnings beat.
Changing with the times Macy's owns the largest department store in the world in Herald Square in New York City, but while massive stores used to generate massive sales, the retail climate has drastically changed in recent years. The advent of e-commerce and the shift to smaller, more agile shopping venues have been a major drag on Macy's sales, and it has struggled to stay relevant.
Image source: Macy's.
It has been trying to pump oxygen into the business for years, with muted success. It has closed a significant percentage of stores to allocate resources to the better-performing ones, it has renovated stores that remain open, and it has shifted focus to e-commerce and omnichannel shopping. Management calls its strategy the "Bold new chapter," and it also involves becoming more efficient through technology.
There's been progress, and adjusted earnings per share (EPS) came in at $0.13 in the 2026 fiscal first quarter (ended May 3), a full dime higher than the $0.03 expected by Wall Street analysts. Comparable sales (comps) were up 3% year over year, the best result in four years, driven by an oustanding 10.2% increase at Bloomingdale's; Macy's also owns cosmetics retailer Bluemercury, which was also strong with a 6.4% comps increase.
The company reported a comps increase for the full 2025 after several years of declines, and it's expecting positive comps in 2026 as well.
Too cheap to ignore? Macy's stock has been slammed over the past few years as sales declined and it seemed to be on the way to irrelevance. But Greg Abel is Warren Buffett's disciple, and part of the Buffett way is to find undervalued stocks. Macy's still has plenty of assets, and its new strategy is breathing life into the business, which means it could be primed for a comeback.
Today's Change
(
1.32
%) $
0.33
Current Price
$
25.37
The stock is 70% off its high from a decade ago, and it's trading at less than nine times trailing 12-month earnings. It's easy to see why this combination could look compelling if you believe Macy's has a way forward.
Berkshire Hathaway's stake is only a tiny fraction of its portfolio, and it accounts for 1.2% of Macy's stock, so investors should take this with a grain of salt. Macy's does pay an attractive dividend, though, that yields 3.4% at the current price.
Jennifer Saibil has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Berkshire Hathaway. The Motley Fool has a disclosure policy.
Macy's delivered strong Q1 results, with revenue up 1.7% and EPS beating expectations by $0.10. The Bold New Chapter strategy is driving outperformance, especially in Bloomingdale's, and store reinvestment is validating the turnaround thesis. Guidance was raised for comparable sales and EPS, but EBITDA guidance remains unchanged as growth is funded by reinvestment.
Key Takeaways Macy's Q1 adjusted EPS was $0.13, up y/y from $0.11, as net sales rose 1.8% to $4.682B.Macy's comps rose 3%, with Bloomingdale's up 10.2% and Bluemercury up 6.4% in the quarter.Macy's raised its FY26 view to net sales of $21.5-$21.75B and adjusted EPS of $2-$2.20. Macy’s, Inc. (M - Free Report) reported first-quarter fiscal 2026 results, wherein earnings and revenues surpassed the Zacks Consensus Estimate. Also, both metrics increased from the year-ago quarter.
The company delivered its strongest fiscal first-quarter comparable-sales performance in four years, supported by positive sales growth across all three nameplates — Macy’s, Bloomingdale’s and Bluemercury. Management highlighted that the company’s Bold New Chapter strategy continues to gain traction, driving broad-based operational and financial improvements.
Encouraged by the strong fiscal first-quarter performance and positive second-quarter trends, management raised its fiscal 2026 outlook for net sales, comparable sales and adjusted earnings per share, reflecting confidence in the momentum of its go-forward business.
More on Macy’s Q1 ResultsThe company reported adjusted earnings of 13 cents per share, comfortably surpassing the Zacks Consensus Estimate of 2 cents and improving from adjusted earnings of 11 cents in the year-ago quarter. Earnings per share were 23 cents compared with 13 cents in the prior-year period.
Net sales of $4,682 million surpassed the Zacks Consensus Estimate of $4,623 million. The top line increased 1.8% year over year, benefiting from positive comparable sales across all three nameplates. Comparable sales rose 3%, marking the company’s strongest fiscal first-quarter comparable-sales performance in four years. We expected comparable sales to increase 1% in the quarter under review.
M’s go-forward business comps, including go-forward locations and digital platforms across Macy’s, Bloomingdale’s and Bluemercury, increased 3.1% on an owned-plus-licensed-plus-marketplace basis.
Net credit card revenues were $172 million, up 11.7% year over year, driven by the company’s healthy credit portfolio and prudent management of net credit card losses. The metric represented 3.7% of net sales compared with 3.3% in the year-ago quarter.
Macy’s Media Network revenues were $38 million, down 5% year over year, indicating the timing of advertising spending on a year-over-year basis. The metric represented 0.8% of net sales compared with 0.9% in the prior-year quarter.
Update on M’s Brand PerformanceComps across the Macy’s brand increased 1.6% year over year on an owned-plus-licensed-plus-marketplace basis. Reimagine 200 locations continued to outperform, with comps rising 2.4%, marking positive comparable-sales growth in eight of the last nine quarters.
At the Bloomingdale’s brand, comps increased 10.2% on an owned-plus-licensed-plus-marketplace basis, marking its seventh consecutive quarter of growth and delivering the highest first-quarter sales volume in the brand’s 154-year history.
Comps at the Bluemercury brand rose 6.4% on an owned-plus-licensed-plus-marketplace basis, driven by strength in makeup, dermatological skincare and fragrance categories. New and remodeled stores continued to outperform during the first quarter.
Insight Into Macy’s Margins & ExpensesThe gross margin in the fiscal first quarter was 38.9%, which beat our estimate of 38.6%. This represented a year-over-year decline of 30 basis points. Management indicated that tariffs negatively impacted the gross margin by approximately 30 basis points, and excluding this impact, the gross margin would have been flat with the prior-year period.
The Zacks Rank #4 (Sell) company reported selling, general and administrative (SG&A) expenses of $1.95 billion, up 2% year over year. The increase reflected continued investments in the Bold New Chapter strategy, including Reimagine 200 locations, Bloomingdale’s and digital capabilities across nameplates. These investments were partially offset by ongoing cost-management efforts. As a percentage of total revenues, SG&A expenses remained flat at 39.9% compared with the prior-year quarter. We estimated SG&A expenses to increase 2.4% year over year in the fiscal first quarter.
Macy’s reported adjusted EBITDA of $290 million, down from $304 million in the year-ago quarter. The adjusted EBITDA margin was 5.9% of the total revenues compared with 6.3% in the prior-year period, representing a year-over-year decline of 40 basis points.
M’s Financial Snapshot: Cash, Inventory & Equity OverviewThe company ended the first quarter of fiscal 2026 with cash and cash equivalents of $1.29 billion, and total debt of $2.43 billion. Macy’s also had $2 billion of available borrowing capacity under its asset-based credit facility. The company does not face any material long-term debt maturities until 2030, underscoring its strong liquidity position.
Merchandise inventories increased 3.6% year over year. Management stated that both the composition and level of inventory are well-positioned heading into the summer season, supported by increased newness across price points and lower aged inventories relative to last year.
During the fiscal first quarter, the operating cash flow was an inflow of $292 million against an outflow of $64 million in the prior-year quarter. The free cash flow was an inflow of $140 million against an outflow of $203 million a year ago, reflecting significantly improved cash generation. Capital expenditure totaled $177 million, while monetization proceeds were $25 million.
Through its capital-return program, Macy’s returned $100 million to shareholders during the quarter, including $50 million in dividends and $50 million in share repurchases. The company repurchased 2.6 million shares for $50 million during the quarter. As of the end of the fiscal first quarter, $1.1 billion was available under its $2-billion share repurchase authorization.
Macy’s Q2’26 OutlookFor the second quarter of fiscal 2026, Macy’s expects net sales of $4.75-$4.80 billion. The outlook incorporates the impacts of fiscal 2025 store closures, which contributed roughly $35 million to sales during the comparable prior-year period. Comparable sales are projected to be flat to up 1% on an owned-plus-licensed-plus-marketplace basis.
The company expects the adjusted EBITDA margin between 6.9% and 7.2%, while adjusted earnings per share are forecast to be 29-34 cents. Management noted that tariffs and fuel costs are expected to remain a headwind in the fiscal second quarter, with the combined impacts anticipated to reduce earnings by 3-4 cents per share and pressure the gross margin by 20-40 basis points.
Sneak-Peek Into Macy’s FY26 GuidanceFollowing its better-than-expected fiscal first-quarter performance, Macy’s raised its fiscal 2026 outlook. Management noted that the updated guidance reflects stronger-than-anticipated fiscal first-quarter results and a modest increase in expected sales for the remainder of the year.
The company continues to acknowledge macroeconomic and geopolitical uncertainties that could influence discretionary spending and has maintained flexibility within its business model to respond to changes in the competitive landscape and external environment. The outlook assumes a larger tariff impact in the first half of the year than in the second half and does not include any tariff refunds. The guidance also reflects continued investments in Reimagine 200 locations and the company’s luxury nameplates to support long-term growth.
Macy’s expects net sales of $21.5-$21.75 billion, up from the previously mentioned $21.4-$21.65 billion. The outlook continues to reflect the impacts of fiscal 2025 store closures, which reduced annual net sales by approximately $145 million. The company also expects other revenues of $920 million.
Comparable sales (owned-plus-licensed-plus-marketplace) are projected to increase 0.5-1.2% compared with the prior stated range of a decline of 0.5% to growth of 0.5%. The improved outlook reflects continued momentum across the company’s go-forward business and positive customer response to its strategic initiatives.
The gross margin is anticipated to be 38.4-38.6%, indicating a 20-30 basis-point headwind from tariffs and fuel costs. SG&A expenses are expected to increase 1-2% on a dollar basis compared with fiscal 2025, with the expense rate anticipated to be in line with the prior year in the fiscal second and fourth quarters, and higher in the third quarter due to the timing of growth investments.
M Stock Past 3-Month Performance
Image Source: Zacks Investment Research
The adjusted EBITDA margin is expected between 7.7% and 7.9%. Adjusted earnings per share are anticipated to be $2.00-$2.20, up from the previously mentioned $1.90-$2.10. This incorporates an estimated 10-20-cent combined impact of tariffs and fuel costs. The outlook does not include the impacts of any future share repurchases under the company's existing authorization.
M shares have gained 14.8% in the past three months compared with the industry’s 2.2% growth.
Stocks to ConsiderWe have highlighted three better-ranked stocks in the retail space, namely, Tapestry, Inc. (TPR - Free Report) , Dillard's Inc. (DDS - Free Report) and Ross Stores Inc. (ROST - Free Report) .
Tapestry is the designer and marketer of fine accessories and gifts for women and men in the United States and internationally. The company flaunts a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Tapestry’s current fiscal-year earnings and sales indicates growth of 36.3% and 13.8%, respectively, from the year-ago actuals. TPR delivered a trailing four-quarter average earnings surprise of 15.6%.
Dillard's is a large departmental store chain featuring fashion apparel and home furnishings. It currently sports a Zacks Rank of 1.
The Zacks Consensus Estimate for Dillard's current fiscal-year earnings and sales suggests growth of 6.3% and 2.1%, respectively, from the year-ago actuals. DDS delivered a trailing four-quarter average earnings surprise of 27.9%.
Ross Stores operates as an off-price retailer of apparel and home accessories, primarily in the United States. The company has a Zacks Rank #2 (Buy) at present.
The Zacks Consensus Estimate for Ross Stores’ current fiscal-year earnings and sales indicates growth of 15.6% and 8.2%, respectively, from the year-ago actuals. ROST delivered a trailing four-quarter average earnings surprise of 10.2%.
Greg Abel took over from Warren Buffett as CEO of Berkshire Hathaway at the beginning of the year. His first quarter at the helm was eventful. Abel and his team closed several positions while buying shares in new companies. Some of his choices were not surprising. For instance, Apple remains Berkshire Hathaway's largest holding, which everyone expected. Another decision the conglomerate made that may seem odd at first but actually makes sense is the choice to get rid of Amazon (AMZN 1.24%).
Image source: Getty Images.
Why Berkshire Hathaway dumped Amazon Amazon is a leader in e-commerce and cloud computing. It provides exposure to several other markets. The company's revenue and earnings are growing at a good clip, and it has attractive long-term prospects across several niches in which it competes. Further, Amazon benefits from a wide moat from its brand name, network effects, and switching costs. All of these factors (and more) arguably make the stock an attractive long-term bet and one that, to some extent, aligns with the criteria prominent in the Buffett school of investing.
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However, Amazon made up a small percentage of Berkshire Hathaway's portfolio. The conglomerate owned about 2.3 million shares as of the fourth quarter. That accounted for a tiny portion of Berkshire's massive $263 billion portfolio. Further, Abel and his team sold many of the stocks (including Amazon) managed by Todd Combs, who left the company in December to join JPMorgan. So, it wasn't a particularly shocking move. Let's look into one decision Abel made during the first quarter that seems like far more of a head-scratcher.
Berkshire buys a stake in a legacy retailer Berkshire Hathaway bought about three million shares of Macy's (M +1.32%). At first glance, this looks like a dubious decision. Macy's has faced significant problems in recent years -- in fact, the last decade has not been kind to the retailer. The shift to e-commerce and the decline in mall and department store foot traffic have led to poor financial results. Meanwhile, Macy's has faced growing competition from a variety of sources, not just online stores. The company has struggled to grow revenue at a good clip for a long time, and the strongest top-line increase in recent years came after the pandemic, when customers who had been stuck at home finally had the opportunity to go out again.
M Revenue (Quarterly YoY Growth) data by YCharts
In fairness, Macy's has made some progress. More recent financial results have been stronger amid a push to turn things around. The company notably decreased its retail footprint by closing many unprofitable stores and selling off real estate assets while making a push in e-commerce.
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It's also admirable that Macy's has survived this long, especially as other legacy retailers weren't so lucky and have now gone out of business. However, can Macy's deliver strong returns from now on? Or is there another reason Abel and his team got in the game? Perhaps Berkshire Hathaway is attracted to Macy's real estate holdings because they may be more valuable than the market is giving the company credit for. It's in that sense that the retail giant may be "undervalued."
We could also look at traditional valuation metrics. Macy's is trading at 10.2x forward earnings, which is lower than the consumer discretionary average of 26.2. Macy's also appears undervalued by this standard, at least at first glance. It's also worth pointing out that in the first quarter of its fiscal year 2026, ending on May 2, Macy's net sales increased by 1.8% year over year to $4.7 billion, while comparable sales grew 3% year over year. The company's adjusted earnings per share climbed to $0.13, 18% higher than the year-ago period.
The company beat Wall Street estimates on the top and bottom lines. Macy's increased its guidance for its full fiscal year 2026 as well. Macy's is moving in the right direction. There is plenty of risk remaining here, and that's probably one reason why Berkshire Hathaway did not buy enough of the company's shares to make it anything close to a top holding in its portfolio. However, at current levels, Macy's might be worth a second look for contrarian value investors.
JPMorgan Chase is an advertising partner of Motley Fool Money. Prosper Junior Bakiny has positions in Amazon and Berkshire Hathaway. The Motley Fool has positions in and recommends Amazon, Apple, Berkshire Hathaway, and JPMorgan Chase. The Motley Fool has a disclosure policy.
Macy's Inc. NYSE: M kicked off the first quarter of 2026 with better-than-expected performance across the board, offering further evidence that the retailer's Bold New Chapter turnaround strategy is gaining traction.
The strong results also prompted the department store chain to raise its full-year outlook. Despite the good news, Wall Street's reaction was muted, with shares closing slightly higher following the report.
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Q1 Beat Fueled by Strength Across BrandsMacy's Q1 adjusted earnings came in at 13 cents per share, down from 16 cents a year ago but well ahead of Wall Street expectations of 2 cents per share. Revenue of $4.89 billion increased 1.8% year over year, topping analyst estimates of $4.61 billion.
Macy's Today
M
Macy's
$25.40 +0.37 (+1.46%)
As of 03:59 PM Eastern
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52-Week Range$10.54▼
$25.65Dividend Yield3.03%
P/E Ratio10.50
Price Target$20.30
Growth was broad-based across Macy's portfolio. Performance at Bloomingdale's was particularly strong, with comparable sales (comps) rising 10.2% year over year, marking the best first quarter in the brand's history. Comps at the Macy's nameplate rose 1.6%, though the retailer's reimagined stores, which account for roughly 60% of the store base, saw comps grow 2.4%. At Bluemercury, which sells luxury beauty brands, comps increased 6.4%.
"In the first quarter, we delivered enterprise-wide growth, better than expected performance across all key metrics, and our best comparable sales in four years with all nameplates and channels positive," Chief Executive Tony Spring said on the earnings call.
He added, "These broad-based operational and financial improvements reflect the strength and viability of the Bold New Chapter strategy."
Macy's Raises Full-Year OutlookMacy's issued second-quarter guidance and raised its full-year outlook, citing better-than-expected first-quarter earnings and revenue results, as well as a modest increase in its sales expectations for the remainder of the year.
For the second quarter, the company expects net sales of approximately $4.75 billion to $4.8 billion, with comparable sales ranging from roughly flat to up 1%. Adjusted diluted earnings are expected to be between 29 cents and 34 cents per share.
For the full year, Macy's now anticipates net sales of $21.5 billion to $21.75 billion, up from its previous forecast of $21.4 billion to $21.65 billion. Comparable sales are expected to increase 0.5% to 1.2%, compared with prior guidance of down 0.5% to up 0.5%. Adjusted diluted earnings are now projected to be between $2 and $2.20 per share, up from the previous range of $1.90 to $2.10.
Macy's said the updated outlook reflects revised tariff and fuel assumptions, which it expects will have a roughly net-neutral impact on results this year. The guidance also provides flexibility to account for potential changes in the competitive landscape, as well as ongoing macroeconomic and geopolitical uncertainty.
Wall Street Reaction Remains MutedDespite the strong quarter and optimistic outlook, Wall Street's reaction was relatively muted following the report, with shares closing up just 0.4% to $21.76.
Investors may be taking a breather after the stock's strong run over the past year. Fueled by a series of better-than-expected earnings reports that have bolstered confidence in the company's turnaround strategy, shares had already gained roughly 90% over the prior 12 months.
Macy's, Inc. (M) Price Chart for Friday, June, 12, 2026
After reaching a 52-week intraday high above $24 in December, the stock pulled back during the first few months of 2026. Momentum appeared to return in March after Macy's delivered stronger-than-expected fourth-quarter results, giving shares a boost. However, the company's outlook prompted some analysts to lower their price targets. Still, over the three months leading up to the Q1 release, the stock rose 19%.
Current Price$25.41High Forecast$27.00Average Forecast$20.30Low Forecast$9.00Macy's Stock Forecast Details
Analysts Remain Cautious Despite Turnaround ProgressDespite signs that Macy's turnaround strategy is working, Wall Street remains cautious on the stock. The consensus rating is Reduce, with two Sell ratings, 11 Hold ratings, and one Buy rating. The average price target is approximately $19.90, roughly 15% below the current share price. The highest price target on Wall Street is $27, while the remaining targets range from $9 to $23.
The cautious stance may reflect concerns about whether Macy's can sustain its momentum, as well as broader uncertainty surrounding consumer spending and the macroeconomic environment.
Short Interest Climbs as Some Investors Remain SkepticalShort interest in the stock has also risen over the last several months. As of May 15, roughly 33.5 million shares, or 12.8% of the float, were sold short. That is up from approximately 21.1 million shares, or 8.2% of the float, on Jan. 15.
From a valuation standpoint, Macy's looks inexpensive relative to the broader retail industry. The stock currently trades at roughly 10X earnings, below the retail industry average of 11.3X. On a price-to-sales basis, shares trade at 0.27X compared with the industry average of 0.84X.
Although Wall Street remains cautious, Macy's latest quarter clearly highlighted continued progress in its turnaround efforts. Investors will be watching closely to see whether the company can continue to build on that progress in the quarters ahead.
Should You Invest $1,000 in Macy's Right Now?Before you consider Macy's, you'll want to hear this.
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The iconic Macy’s “shopping bag” billboard that has loomed over Herald Square for more than 60 years is slated to be demolished and removed this weekend, The Post has learned.
The four-story, red-and-white fixture – tucked into the cut-out corner of the flagship at Broadway and West 34th Street — rests atop a 2,200-square-foot retail space owned by Kaufman Realty, which for years has been leased out to a Sunglass Hut store.
Macy’s and Kaufman have been in negotiations about the ad space, a source with knowledge of the situation told The Post. It couldn’t immediately be learned what exactly will replace the shopping bag, but the billboard is expected to be “modernized,” the source said.
This Macy’s billboard has been a fixture in Herald Square for more than 60 years. Getty Images The switch is coming as big, splashy, LED-screen billboards like those that light up Times Square command increasingly lucrative ad rates, real estate experts said.
Macy’s confirmed that the billboard is scheduled to be removed this weekend but declined to elaborate on what will replace it or whether Macy’s will make a bid to continue using the space.
“As the neighborhood continues to evolve, the current sign – while beloved – is outdated and will be removed as part of broader updates by the billboard owner to modernize the space,” Macy’s said in a statement to The Post.
The company also said it will “soon announce refreshed and dynamic branding for Macy’s Herald Square that honors our heritage while reflecting the future of our flagship.”
A separate building has been nestled into the corner of Macy’s flagship store on 34th St. and Broadway, as seen in this photo from the early 20th century. Getty Images Kaufman’s chief executive Edward Hart told The Post he was out of town on Friday and declined to comment.
Macy’s sued Kaufman in 2021 over the billboard, alleging that the real estate firm was planning to lease the space to online retail rival Amazon after the Macy’s lease expired.
“To the naked eye, the Billboard is on Macy’s department store and in its own right iconic,” according to Macy’s complaint.
Macy’s said the billboard sign is “beloved” but “outdated.” Andriy Blokhin – stock.adobe.com Macy’s argued that an agreement it signed with the building’s owner in 1963 prevents the landlord from leasing the billboard to a competitor of Macy’s – a prohibition that lasts “forever,” according to the lawsuit.
Kaufman allegedly disagreed with Macy’s interpretation of the agreement, according to the lawsuit.
The real estate firm’s lawyer allegedly said that Kaufman has “the right to license the sign space to any off-site advertisers” and will “proceed with alternative advertisers,” according to Macy’s complaint.
The companies appear to have settled that lawsuit.
In partnership with the U.S. Soccer Foundation, Macy’s is helping expand access to the game across New York City
NEW YORK--(BUSINESS WIRE)--This summer, Macy’s brings the world’s game to life with Macy's World Soccer HQ – a dynamic, omnichannel experience designed to connect fans to the sport through product, storytelling and community.
As soccer’s popularity surges across the U.S., access to the sport has not kept pace - particularly in under-resourced neighborhoods. Across New York City, thousands of young people still lack safe, accessible places to play, contributing to what organizations call “soccer deserts.”
Macy’s is addressing this gap by partnering with the U.S. Soccer Foundation, turning its World Soccer HQ platform into a vehicle for both engagement and impact - connecting customers to the sport while supporting increased access for local youth.
Rooted in the belief that soccer is more than a game, Macy’s World Soccer HQ brings together commerce, culture and community. Through immersive retail experiences, storytelling and youth-focused initiatives, the campaign invites fans not only to celebrate the sport, but to be part of growing it.
“We’re honored to celebrate this global sport by bringing Macy’s World Soccer HQ to life, a one-stop destination where fans can discover everything they need to show their passion for the sport,” said Daniel Leppo, SVP, Merchandising, Men’s and Kids, Macy’s. “Featuring assortments from Nike, adidas, Puma and more, this experience reflects our belief that Celebrations Start at Macy’s, offering customers a place to shop, connect and support something bigger than the game itself.”
A Destination for Every Fan
At Macy’s Herald Square flagship, guests can step into an immersive world soccer marketplace inspired by the energy and global spirit of the game. The space brings together vibrant, country-driven displays, full-family assortments, and interactive moments in one cohesive experience.
Visitors can explore a curated collection spanning soccer jerseys, training apparel, accessories and collectibles from leading global brands, alongside lifestyle pieces influenced by soccer’s impact on fashion and culture. The destination also comes to life through a range of engaging in-store elements - including athlete-inspired photo opportunities, immersive tunnel moments, and digital activations - creating a social, high-energy environment where fans can shop and celebrate.
Macy’s World Soccer HQ extends beyond Herald Square to Macys.com and select stores nationwide, making the assortment accessible to fans everywhere. The assortment also serves as a Father’s Day gifting destination, with options ranging from official team kits to everyday fan essentials.
Macy’s Partners with U.S. Soccer Foundation
Through its partnership with the U.S. Soccer Foundation, Macy’s is supporting efforts to expand access to the sport in underserved communities. The initiative includes a kick-start donation to the Foundation and a dedicated soccer experience for local youth, helping introduce and grow the game at the grassroots level while raising awareness of soccer deserts across New York City.
“We’re thrilled to partner with Macy’s to expand access to soccer for young people,” said Diana Martin, Chief External Relations Officer at the U.S. Soccer Foundation. “By creating more safe places to play and connecting youth with trained coach-mentors, we’re helping more kids thrive—on and off the field.”
To expand access to the game in under-resourced communities, the U.S. Soccer Foundation has installed 88 mini-pitches across the greater New York City metro area. Made possible through a range of partnerships since 2015, these spaces provide safe places for youth to play and grow. The Foundation has also reached more than 571,000 young people in the region through its proven school-based and after-school programs and has trained 3,000 coach-mentors to deliver high-quality youth programming.
Celebrations Start at Macy’s
Macy’s is extending the excitement nationwide through a series of retail experiences and community activations that bring fans closer to the game.
On Saturday, June 13, Macy’s Celebration Saturdays will serve as a cornerstone of the program, featuring athlete appearances, live entertainment and on-site product customization, alongside curated offerings highlighted in Macy’s Father’s Day Gift Guide to inspire fans shopping for the occasion.
On Saturday, June 20, fans in Atlanta, Miami and the New York Metro area, will have the opportunity to win tickets to their local world soccer playoff by entering to win in-store at Macy’s Lenox Square, Macy’s Aventura and Macy’s Garden State Plaza. There is no purchase necessary to enter the sweepstakes. Official Rules will be available in store.
About Macy’s
Macy’s, the largest retail brand of Macy’s, Inc. (NYSE: M), helps customers celebrate – from everyday moments to life’s biggest occasions – with a curated assortment across apparel, home, beauty, accessories and more. Each year, Macy’s brings the nation together through two of its most beloved traditions: Macy’s Thanksgiving Day Parade and Macy’s 4th of July Fireworks, entertaining millions. Celebrate big and small moments in stores nationwide, at macys.com, or on the Macy’s app. For more information on Macy’s, Inc., visit www.macysinc.com.
About the U.S. Soccer Foundation
As the national leader for sports-based youth development in under-resourced areas, the U.S. Soccer Foundation is on a mission to let soccer do what it does: change absolutely everything. Founded as a legacy of the 1994 FIFA World Cup, the Foundation provides underserved communities access to innovative play spaces and evidence-based soccer programs that instill hope, foster well-being, and help youth achieve their fullest potential. Headquartered in Washington, D.C., the U.S. Soccer Foundation is a 501(c)(3) organization. For more information visit www.ussoccerfoundation.org or follow us on LinkedIn and Instagram.
This summer, Macy’s brings the world’s game to life with Macy's World Soccer HQ – a dynamic, omnichannel experience designed to connect fans to the sport through product, storytelling and community.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260610320738/en/
Macy's curated collection includes apparel, accessories, collectibles and more.
As soccer’s popularity surges across the U.S., access to the sport has not kept pace - particularly in under-resourced neighborhoods. Across New York City, thousands of young people still lack safe, accessible places to play, contributing to what organizations call “soccer deserts.”
Macy’s is addressing this gap by partnering with the U.S. Soccer Foundation, turning its World Soccer HQ platform into a vehicle for both engagement and impact - connecting customers to the sport while supporting increased access for local youth.
Rooted in the belief that soccer is more than a game, Macy’s World Soccer HQ brings together commerce, culture and community. Through immersive retail experiences, storytelling and youth-focused initiatives, the campaign invites fans not only to celebrate the sport, but to be part of growing it.
“We’re honored to celebrate this global sport by bringing Macy’s World Soccer HQ to life, a one-stop destination where fans can discover everything they need to show their passion for the sport,” said Daniel Leppo, SVP, Merchandising, Men’s and Kids, Macy’s. “Featuring assortments from Nike, adidas, Puma and more, this experience reflects our belief that Celebrations Start at Macy’s, offering customers a place to shop, connect and support something bigger than the game itself.”
A Destination for Every Fan
At Macy’s Herald Square flagship, guests can step into an immersive world soccer marketplace inspired by the energy and global spirit of the game. The space brings together vibrant, country-driven displays, full-family assortments, and interactive moments in one cohesive experience.
Visitors can explore a curated collection spanning soccer jerseys, training apparel, accessories and collectibles from leading global brands, alongside lifestyle pieces influenced by soccer’s impact on fashion and culture. The destination also comes to life through a range of engaging in-store elements - including athlete-inspired photo opportunities, immersive tunnel moments, and digital activations - creating a social, high-energy environment where fans can shop and celebrate.
Macy’s World Soccer HQ extends beyond Herald Square to Macys.com and select stores nationwide, making the assortment accessible to fans everywhere. The assortment also serves as a Father’s Day gifting destination, with options ranging from official team kits to everyday fan essentials.
Macy’s Partners with U.S. Soccer Foundation
Through its partnership with the U.S. Soccer Foundation, Macy’s is supporting efforts to expand access to the sport in underserved communities. The initiative includes a kick-start donation to the Foundation and a dedicated soccer experience for local youth, helping introduce and grow the game at the grassroots level while raising awareness of soccer deserts across New York City.
“We’re thrilled to partner with Macy’s to expand access to soccer for young people,” said Diana Martin, Chief External Relations Officer at the U.S. Soccer Foundation. “By creating more safe places to play and connecting youth with trained coach-mentors, we’re helping more kids thrive—on and off the field.”
To expand access to the game in under-resourced communities, the U.S. Soccer Foundation has installed 88 mini-pitches across the greater New York City metro area. Made possible through a range of partnerships since 2015, these spaces provide safe places for youth to play and grow. The Foundation has also reached more than 571,000 young people in the region through its proven school-based and after-school programs and has trained 3,000 coach-mentors to deliver high-quality youth programming.
Celebrations Start at Macy’s
Macy’s is extending the excitement nationwide through a series of retail experiences and community activations that bring fans closer to the game.
On Saturday, June 13, Macy’s Celebration Saturdays will serve as a cornerstone of the program, featuring athlete appearances, live entertainment and on-site product customization, alongside curated offerings highlighted in Macy’s Father’s Day Gift Guide to inspire fans shopping for the occasion.
On Saturday, June 20, fans in Atlanta, Miami and the New York Metro area, will have the opportunity to win tickets to their local world soccer playoff by entering to win in-store at Macy’s Lenox Square, Macy’s Aventura and Macy’s Garden State Plaza. There is no purchase necessary to enter the sweepstakes. Official Rules will be available in store.
About Macy’s
Macy’s, the largest retail brand of Macy’s, Inc. (NYSE: M), helps customers celebrate – from everyday moments to life’s biggest occasions – with a curated assortment across apparel, home, beauty, accessories and more. Each year, Macy’s brings the nation together through two of its most beloved traditions: Macy’s Thanksgiving Day Parade and Macy’s 4th of July Fireworks, entertaining millions. Celebrate big and small moments in stores nationwide, at macys.com, or on the Macy’s app. For more information on Macy’s, Inc., visit www.macysinc.com.
About the U.S. Soccer Foundation
As the national leader for sports-based youth development in under-resourced areas, the U.S. Soccer Foundation is on a mission to let soccer do what it does: change absolutely everything. Founded as a legacy of the 1994 FIFA World Cup, the Foundation provides underserved communities access to innovative play spaces and evidence-based soccer programs that instill hope, foster well-being, and help youth achieve their fullest potential. Headquartered in Washington, D.C., the U.S. Soccer Foundation is a 501(c)(3) organization. For more information visit www.ussoccerfoundation.org or follow us on LinkedIn and Instagram.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260610320738/en/
Macy’s, Inc. (NYSE: M) today announced that Tom Edwards, chief operating officer and chief financial officer, will participate in the Jefferies Consumer Conference on Tuesday, June 16, 2026.
About Macy’s, Inc.
Macy’s, Inc. (NYSE: M) is a trusted source for quality brands through our iconic nameplates – Macy’s, Bloomingdale’s and Bluemercury. Headquartered in New York City, our comprehensive digital and nationwide footprint empowers us to deliver a seamless shopping experience for our customers. For more information, visit macysinc.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260611717589/en/
Malls and department stores are seen by many as fading relics of the past, but don't tell that to Macy's (M +1.32%).
The clothing retail store chain just had its best first quarter in years, and its stock price is up 85% over the past 12 months. It even caught the attention of Berkshire Hathaway (BRKA +0.76%) (BRKB +0.55%), which added its first-ever stake in Macy's in the first quarter.
Revenue increased 2% in the quarter to $4.9 billion, while its comparable (or same-store) sales rose 3%. Macy's store comp sales were up 1.6%, but the company's Bloomingdale stores saw comp sales surge 10.2% while its beauty property, Blue Mercury, saw same-store sales jump 6.4%.
Net income rose 66% to $63 million while earnings per share increased 77% to $0.23 per share.
Image source: Getty Images.
The retailer has now had two straight quarters of earnings growth after declining earnings for much of the previous three years. Here are three reasons why Macy's stock is headed in the right direction.
1. A bold new chapter Much of the improvement stems from its Bold New Chapter initiative, launched two years ago. It focused on cutting costs by reducing the number of underperforming stores and focusing on a core group of 350 stores. That meant closing roughly 150 locations.
At the same time, the plan called for opening new locations of its luxury brands, Bloomingdale's and Blue Mercury, as both have been in high demand. We watched that play out in Q1 as these two brands saw comp sales surge.
The target was low single-digit sales growth, expenses rising by less than 2% to 3%, mid-single digit adjusted annual EBITDA growth, and free cash flow back to pre-pandemic levels. Macy's is hitting its sales and expense targets, and still progressing toward EBITDA and free-cash flow targets.
2. Reimagined stores As part of the Bold New Chapter strategy, Macy's plans to reimagine 200 stores to improve the customer experience. Initially, the company planned to open 125 reimagined stores, but it has been so successful that management upped the number to 200.
The 200 reimagined Macy's locations posted comparable sales increases of 2.4%, higher than the 1.6% comp sales increase for Macy's overall in Q1.
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The first quarter's success led Macy's to raise sales and earnings guidance for this fiscal year. The chain now expects $21.5 to $21.75 billion in net sales, up from the previous guidance of $21.4 to $21.65 billion. Further, comp sales are slated to increase 0.5% to 1.5% this fiscal year, up from the previous range of -0.5% to 0.5%.
In addition, adjusted earnings are targeted at $2.00 to $2.20 per share, up from a range of $1.90 to $2.10 per share.
3. A cheap stock price The turnaround plan caught the attention of Berkshire Hathaway, and I'm certain Macy's low valuation was a major reason why Berkshire Hathaway opened a new position.
Macy's stock is trading at 9 times earnings and 10 times forward earnings, making it dirt cheap. Further, the price-to-sales ratio is just 0.27, so Macy's stock is extremely attractive from a valuation standpoint.
As an added bonus, Macy's stock offers a strong dividend yielding 3.45%.
