Macy’s Earnings Report Details Multimillion-Dollar Accounting Error

Published On Dec 11, 2024, 8:19 AM

Macy's is facing significant challenges after revealing that an employee hid over $150 million in costs related to package delivery, leading to a delay in the company’s earnings report. Although the company adjusted its financials and raised its revenue forecast slightly, it still anticipates a decline in comparable sales and cut its profitability forecast. This situation has worried investors, resulting in a further drop in Macy's stock price.

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Stock Forecasts

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Negative

Given the serious concerns regarding internal accounting controls and continued sales decline, investors may be wary about Macy's recovery. The overall outlook for Macy's seems negative as they struggle with operational challenges and external pressures.

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