Macy's has reported weaker-than-expected preliminary sales for the fiscal third quarter and says it's delaying the release of its quarterly earnings results after it discovered an up to $US154 million accounting-related issue.department store chain, which also operates Bloomingdale's and Bluemercury cosmetics chain in addition to its namesakes stores, was expected to report quarterly results on Tuesday.
The company said the person behind the conduct is no longer an employee and that the investigation didn't identify involvement by any other worker. "At Macy's Inc, we promote a culture of ethical conduct," Chairman and CEO Tony Spring said in a statement.The company did provide some preliminary results for its third quarter, including that net sales fell 2.4 per cent to $US4.74 billion
The company did provide some preliminary results for its third quarter, including that net sales fell 2.4 per cent to $US4.74 billion, slightly above the average analyst estimate of $US4.72 billion.