Macy’s Inc. has launched an investigation into the accounting of $132 million to $154 million in delivery expenses, causing a delay in reporting its third quarter earnings results.
The individual was fired. Macy’s did not identify the individual, or indicate whether theft was involved. So far, the investigation has not identified involvement by any other employee. “We delivered third quarter sales in line with expectations as we continued to make traction on our Bold New Chapter strategy initiatives,” Spring said. “Our Macy’s First 50 locations achieved their third consecutive quarter of comparable sales growth. At the same time, our luxury brands – Bloomingdale’s and Bluemercury – reported positive comparable sales. Importantly, November comparable sales are trending ahead of third quarter levels across nameplates.
Bloomingdale’s net sales were up 1.4 percent, with comparable sales up 1 percent on an owned basis and up 3.2 percent on an owned-plus-licensed-plus-marketplace basis. Contemporary apparel, beauty and digital were cited as best-performing areas.