Macy's reports preliminary Q3 sales of $4.74B; employee hid $132-154M in delivery expenses

Macy's, Inc.

Preliminary Q3 net sales $4.742B, down 2.4% YoY; comparable sales down 2.4% owned, 1.3% owned-plus-licensed-plus-marketplace.
Macy's First 50 locations had 3rd straight quarter of comparable sales growth (+1.9%); Bloomingdale's and Bluemercury also positive.
Asset sale gains of $66M, pulled forward from Q4 and above expectations, contributed to results.
Single employee made erroneous accrual entries to hide ~$132-154M of delivery expenses from Q4 2021 to Q3 2024; no cash impact.
Full Q3 earnings release and conference call delayed; expects to report by December 11, 2024.

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