Macy’s, Inc. delivered a solid QQ3 2025 performance driven by the Bold New Chapter strategy, with broad-based improvements across nameplates and continued emphasis on omnichannel execution. Reported net sales were $4.913 billion for the quarter, with a +3.2% comparable sales (comps) and go-forward comps at 3.4%, marking the strongest topline momentum in quarters and highlighting the mass-market appeal of the Go-Forward program alongside Bloomingdale’s luxury momentum. Gross margin stood at 39.4% ($1.858 billion gross profit), aided by mix and robust pricing, though tariff headwinds modestly constrained margin expansion. Core adjusted EBITDA reached $273 million (5.6% of revenue), ahead of guidance, with adjusted EBITDA at $285 million (5.8%). Despite a net income of only $4 million for the quarter, earnings per share (EPS) excluding adjustments came in at $0.09, well above the guidance range. Inventories were modestly higher (+0.7%), positioning the group for the holiday peak. The quarter also featured meaningful operating cash flow progress (YTD OCF of $247 million; free cash flow of -$183 million) and continued capital discipline (capex $525 million; $95 million monetization proceeds; $201 million in buybacks and $149 million in dividends). Management credits stronger results to the three-pillar Bold New Chapter strategy: strengthen and reimagine Macy’s, accelerate and differentiate luxury (Bloomingdale’s and Bluemercury), and simplify and modernize end-to-end operations (notably the China Grove DC). Guidance for the fourth quarter implies a net sales range of $7.35–$7.50 billion and a full-year net sales target of roughly $21.5–$21.6 billion, with gross margin of 37.7–37.9% and core adjusted EBITDA of 7.5–7.7% of revenue. The company also disclosed a lower asset sale gain outlook and maintained a tariff headwind assumption (40–50 basis points) embedded in full-year earnings accretion. Investment implications center on continued top-line momentum from Go-Forward, expanding luxury penetration, and the company’s ability to translate improved traffic and higher average ticket into durable margin and cash-flow gains, even as headline store closures reduce legacy revenue base. Key risks include tariff volatility, macro consumer softness, and execution risk across a multifaceted store and digital ecosystem.