Macy's Delays Earnings Amid Accounting Scandal

Macy's has delayed its third-quarter earnings report due to an internal investigation into an accounting scandal involving a single employee who concealed between $132 million and $154 million in delivery expenses since late 2021. Preliminary results indicated a 2.4% decline in net sales to $4.74 billion, with mixed performance across its brands; while Bloomingdale's and Bluemercury saw sales growth, older Macy's locations experienced declines. Despite the scandal and sales challenges, Macy's remains focused on its 'Bold New Chapter' strategy, which has shown positive sales results in its First 50 locations. The company aims to release its full earnings report and guidance by December 11, as it prepares for the crucial holiday season. The accounting issue has added uncertainty, causing Macy's shares to fall, compounding a broader 20% decline in stock value this year.