Macy's Inc (M  ) Thursday reported its second-quarter results. Here are some key analyst takeaways:

• Guggenheim Securities analyst Simeon Siegel reiterated a Neutral rating on the stock.
• BTIG analyst Robert Drbul maintained a Neutral rating.

Guggenheim Securities: Macy's reported total sales of $4.866 billion, above Street expectations of $4.805 billion, Siegel said in a note. Although gross margins expanded by 180 basis points (bps) year-on-year to 41.5%, topping consensus of 39.6%, this included tariff refunds; excluding them, the gross margin would have missed estimates, he added.

The analyst stated that management's third-quarter guidance came at:

• Net Sales of $4.650-$4.700 billion, bracketing Street expectations of $4.654 billion
• Adjusted EBITDA margin of 3.7%-4%, below consensus of 5.1%
• Adjusted earnings showing a loss of between 19 and 23 cents per share, below estimates of a loss of six cents per share

These forecasts imply fourth-quarter guidance of sales of $7.477-$7.577 billion, in line with expectations, and adjusted earnings of $1.62-$1.78 per share, below Street's forecast of $1.81 per share, he further noted.

BTIG: Macy's adjusted earnings of 63 cents per share included $98 million of tariff refunds, which impacted earnings by a net 23 cents per share, Drbul said. Excluding this, earnings were 40 cents per share, he added.

Comps grew by 2.7%, with go-forward comps up 2.8%, making this the fifth consecutive quarter of positive comp growth, the analyst stated. "While some of the tariff refund proceeds will be used to sharpen pricing in select categories like furniture and jewelry, mgmt. indicated that the majority of reinvestment is being directed toward brand building, additional Reimagine pilots, and more customer-facing initiatives," he further wrote.

M Price Action: Shares of Macy's had risen by 2.29% to $20.97 at the time of publication on Friday.