Macy's investigation found employee hid up to $154M in expenses
Portfolio Pulse from
Macy's has delayed its Q3 results release to December 11 due to an investigation revealing an employee hid $132M to $154M in shipping expenses. Preliminary earnings indicate net sales will fall $10M short of estimates, with narrowed declines in same-store sales.
November 25, 2024 | 7:00 pm
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Macy's has delayed its Q3 results due to an investigation uncovering hidden shipping expenses of $132M-$154M. Preliminary earnings show a $10M shortfall in net sales.
The discovery of hidden expenses and the delay in earnings release are likely to negatively impact investor confidence in Macy's. The preliminary earnings showing a shortfall in net sales further adds to the negative sentiment.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100