After learning that one of its employees concealed between US $ 132 million and US $ 154 million in delivery costs over the previous three years, Macy’s postponed their third-quarter results.
Net sales for the quarter fell 2.4 per cent to US $ 4.742 billion, with comparable sales declining 1.3 per cent on an owned-plus-licensed-plus-marketplace basis and 2.4 per cent on an owned basis.
In a preliminary results release, the firm stated that weakness in Macy’s other non-First 50 stores, as well as its digital channel and cold weather categories, was the main factor offsetting sales gain at Bloomingdale’s, Bluemercury, and Macy’s First 50 locations.
According to the company, comparable sales for Macy’s, Inc.’s forward business decreased by 0.9 per cent on an owned-plus-licensed-plus-marketplace basis and by 2 per cent on an owned basis.
Net sales at Macy’s decreased 3.1 per cent, while comparable sales on an owned basis down 3 per cent and on an owned-plus-licensed-plus-marketplace basis decreased 2.2 per cent. According to the brand, activewear for both men and women, outfits, and fragrances were all quite popular.
Comparable sales increased 1.2 per cent on an owned-plus-licensed-plus-marketplace basis and 1 per cent on an owned basis, while Bloomingdale’s net sales increased 1.4 per cent. According to the corporation, the main motivators included contemporary apparel.
Additionally, according to the company, one employee who was in charge of accounting for small package delivery expenses purposefully made false accrual entries in order to conceal between US $ 132 million and US $ 154 million in total delivery expenses from the fourth quarter of 2021 through the fiscal quarter that ended on 2nd November 2024.
The business recorded delivery costs of about US $ 4.36 billion within this same time frame. To give the independent inquiry time to finish, the business is postponing its third-quarter 2024 earnings release and conference call.
