Macy's has encountered accounting challenges and a decline in sales, leading to a delay in its full earnings release.
The preliminary results for the third quarter show a 2.4% drop in sales, along with a 1.3% decrease in comparable sales.
The stock performance of Macy's dropped by approximately 2% following the announcement.
The accounting issue involves discrepancies in delivery expenses, with an employee making erroneous entries and concealing between $132 million and $154 million in costs.
Macy's assures that cash management and vendor payments were not affected.
The company's CEO emphasizes their commitment to ethical conduct and transparency.
Macy's operational practices and internal controls will be closely scrutinized by investors and analysts.
Macy's is focused on enhancing customer experience and optimizing its product offerings.
The company has been investing in its online marketplace and digital capabilities.
The upcoming earnings release will provide further insights into Macy's financial performance and strategic direction.
The retailer's ability to navigate this period of uncertainty will be crucial for its long-term viability and market position.