Macy's delays earnings release as it says employee hid up to $154 million in delivery expenses

Macy's posted preliminary third-quarter results but delayed its full earnings report as it investigates up to $154 million in erroneously reported expenses.

In a statement, CEO Tony Spring said Macy's promotes"a culture of ethical conduct" and remains focused on the busy holiday shopping period as customers look for decor and gifts."While we work diligently to complete the investigation as soon as practicable and ensure this matter is handled appropriately, our colleagues across the company are focused on serving our customers and executing our strategy for a successful holiday season," he said in a statement.

Though it postponed earnings results, Macy's did disclose some quarterly metrics. The company said in the release Monday that its third-quarter sales fell 2.4% to $4.74 billion. Comparable sales for its owned and licensed businesses, plus its online marketplace, dropped 1.3%. At Bloomingdale's, comparable sales climbed 3.2% on an owned-plus-licensed basis, including the third-party marketplace. And Bluemercury comparable sales increased 3.3%, marking the 15th consecutive quarter of comparable sales growth for the beauty brand.

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Macy's says employee hid up to $154 million in expenses, delays Q3 earningsMacy’s says it’s delaying the release of its fiscal third-quarter earnings results after it discovered an up to $154 million accounting-related issue.
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Macy's says employee hid up to $154 million in expenses, delays Q3 earningsMacy’s says it’s delaying the release of its fiscal third-quarter earnings results after it discovered an up to $154 million accounting-related issue.
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