Macy's: annual results publication postponed

(CercleFinance.com) - On Monday Macy's announced the postponement of the publication of its 3rd quarter results in order to incorporate the conclusions of an ongoing investigation into the actions of one of its employees.


The department store group says it plans to publish the financial accounts for its quarter ended at the beginning of November and to unveil its Q4 forecasts on 11 December.

The retailer explains that the independent investigation concerns the behavior of one of its employees, in charge of accounting for the delivery service, who is suspected of having accumulated between 132 and 154 million dollars in unjustified expenses since 2021 and has since been dismissed.

For Q3, Macy's reported net sales down 2.4% to $4.74bn, just above the consensus of $4.72bn.

The stock was expected to fall by more than 3% in pre-market trading following these announcements.


Copyright (c) 2024 CercleFinance.com. All rights reserved.