Macy's (M) announced that an investigation revealed an employee hid more than $100 million in expenses in the department store's financials. Originally set to release third quarter earnings this Wednesday, the retailer delayed reporting results until December 11 after discovering the accounting error. The company did release preliminary reports showing lower-than-expected net sales and comparable sales.

SW Retail Advisors president Stacey Widlitz joins Morning Brief Hosts Seana Smith and Brad Smith to break down the news.

"Beyond the rogue employee and the $100 million missing... This is nothing new. Department stores are losing traffic, they're losing share. Macy's is no exception," Widlitz tells Yahoo Finance.

While some retailers have seen double-digit growth in the period before the COVID-19 pandemic, Macy's was not one of them. "Macy's really just hasn't grown, and they continue to comp down," Widlitz says, adding that "when you look at the department stores, whether it's Nordstrom (JWN) or Macy's, the focus [is] on a flat to slightly return to growth and keeping operating margins intact."

Catch Yahoo Finance's full interview with Macy's Chairman and CEO Tony Spring at the 2024 Yahoo Finance Invest conference

Best Buy (BBY), Nordstrom, Kohl's (KSS), and Dick's Sporting Goods (DKS) are set to report quarterly results this week, providing a look into the health of the US consumer.

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This post was written by Naomi Buchanan.