Macy's Stock News

Macy's has delayed its earnings call after discovering a multimillion-dollar “intentional” employee accounting error. That employee, the retailer said in a securities filing Monday (Nov. 25) had hidden at least $132 million in delivery expenses over a nearly three-year period.

Macy's (M) shares moved lower Monday morning after the retailer said its official third-quarter results would be delayed so that an independent investigation into an accounting issue can be completed.

Macy's Inc (NYSE: M) no longer expects to report its third-quarter financial results on November 26th. The department-store chain cited “erroneous accounting accrual entries” as it delayed the earnings release on Monday.

Macy's identified a single employee who made “erroneous” accounting entries to hide up to $154 million in delivery expenses during a three-year period.

Macy's, Inc. (Macy's, Inc. (NYSE:M)) said its third-quarter earnings release will be delayed after an employee was found to have hidden more than $132mn of delivery expenses since late 2021. The retailer was due to report its results on Tuesday, but during the preparation of the numbers it "identified an issue related to delivery expenses" and initiated an investigation.

Macy's delays its full third-quarter earnings release to complete an independent investigation.

Macy's posted preliminary third-quarter results but delayed its full earnings report as it investigates an accounting issue. The company said it discovered erroneous reporting of delivery expenses from one employee.

Macy's on Monday delayed publication of its third-quarter results after discovering an accounting issue related to delivery expenses and instead reported preliminary results in which its sales missed Wall Street expectations.