One employee made wrong entries on delivery expenses
Q3 prelim sales of 4.74 bln misses estimates of 4.77 bln
CEO Spring says November sales trending ahead of Q3 levels

Nov 25 Reuters Macy39;s on Monday delayed the publication of its thirdquarter results due to an accounting issue tied to delivery expenses and instead posted preliminary results in which its sales missed Wall Street expectations.

A single employee intentionally made wrong accounting entries to hide about 132 million to 154 million of delivery expenses from the fourth quarter of 2021 through third quarter of 2024, the department store chain said.

Macy39;s had recorded about 4.36 billion as delivery expenses in this period.

Shares of the Bloomingdale39;s parent, which was set to report results on Nov. 26, fell 2, as the company expects thirdquarter sales to drop 2.4.

It looks bad… It indicates that they were caught off guard by this, Morningstar analyst David Swartz said, adding that the error should not worry investors as the amount over three years does not seem significant for Macy39;s.

The company said the employee is no longer with the company and that an independent investigation showed no involvement by any other employee and there was no sign of the error affecting cash management activities or vendor payments.

Macy39;s preliminary results showed net sales fell to 4.74 billion compared to 4.77 billion based on estimates compiled by LSEG, a sign that steep promotions have failed to draw…