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Macy’s Inc. (NYSE:M) shares are trading lower premarket on Monday after the company delayed its earnings release and conference call regarding the third quarter of 2024 to allow for the completion of an independent investigation.

Earlier, the company planned to report its third-quarter sales and earnings results on Tuesday, November 26, 2024. 

Accounting Error: Macy’s disclosed that an internal investigation revealed that an employee intentionally concealed $132 million-$154 million in delivery expenses from fourth-quarter 2021 to third-quarter 2024. During this same time period, the company recognized approximately $4.36 billion of delivery expenses.

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There was no impact on cash management or vendor payments and the employee is no longer with the company, and no other employees were involved.

Preliminary Q3 Results: Meanwhile, the company reported preliminary third-quarter results, with a 2.4% decline in net sales to $4.742 billion (consensus $4.72 billion), with comparable sales down 2.4% on an owned basis and 1.3% on an owned-plus-licensed-plus-marketplace basis.

The company’s weaker performance in non-First 50 locations, the digital channel, and cold weather categories offset the growth in Macy’s First 50 locations, Bloomingdale’s, and Bluemercury.

Macy’s reported a 2.0% decline in go-forward business comparable sales on an owned basis and a 0.9% decline, including licensed and marketplace sales.

Also, the company saw a 3.1% drop in Macy’s nameplate net sales, with comparable sales down 3.0% owned and 2.2% on an owned-plus-licensed-plus-marketplace basis, driven by strong performances in fragrances, dresses, and active apparel.

Meanwhile, Bloomingdale’s net sales rose 1.4%, with comparable sales up 1.0% on an owned basis and 3.2% including licensed and marketplace sales, driven by strength in contemporary apparel, beauty, and digital.

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Bluemercury saw a 3.2% increase in net sales and 3.3% growth in comparable sales on an owned basis, marking the fifteenth consecutive quarter of growth, with strong customer demand for skincare products.