Macy's Earnings: Signs of Progress, but Tariffs Cloud Outlook; Shares Very Undervalued

Macy's first-quarter comparable sales on an owned basis fell 2%, as weakness at legacy stores offset a 1.3% decline at upgraded Macy's stores and growth at Bloomingdale's (3%) and Bluemercury (1.5%). Gross margin was flat at 39.2%, and adjusted EPS was $0.16, down from $0.27 a year ago.