Macy's delays Q3 earnings report, says employee hid up to $154 million in expenses

Published On Nov 25, 2024, 11:25 AM

Macy's has postponed its Q3 earnings release due to an internal investigation revealing that an employee concealed $132 million to $154 million in expenses from Q4 2021 through early November 2024.Despite this, preliminary sales results showed a decrease in same-store sales by 1.3%, slightly better than the anticipated decline. The company maintains that the incident will not affect cash management or vendor payments. Shares of Macy's fell 3% immediately after the announcement, reflecting investor concerns. The company plans to address the findings of the investigation by mid-December.

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Stock Forecasts

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Negative

The news of internal mishandling and delayed earnings may further weaken investor confidence and could lead to additional downward pressure on stock prices in the short term. However, if Macy's addresses the issues effectively and continues with its strategic adjustments, recovery may occur in the long run as the company refines its store operations.

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