Macy’s investigation found employee hid up to $154M in expenses

Macy’s (M) will be delaying the release of its third quarter results until December 11 after an investigation found an employee hid $132 million to $154 million in shipping expenses from the department store. According to the retailer’s preliminary earnings, its net sales are forecasted to come up $10 million shy of estimates while narrowing declines in same-store sales. Yahoo Finance senior retail reporter Brooke DiPalma relays the known facts in Macy’s ongoing investigation and breaks down the store’s preliminary earnings figures. SW Retail Advisors president Stacey Widlitz joined Yahoo Finance earlier this morning to talk more about Macy’s post-pandemic recovery compared to other major retailers. Catch Yahoo Finance’s full interview with Macy’s Chairman and CEO Tony Spring at the 2024 Yahoo Finance Invest conference To watch more expert insights and analysis on the latest market action, check out more Catalysts here.
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