secwatch.observer — SEC 8-K summary
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Issuer:     Macy's, Inc. (M)
CIK:        0000794367
Form:       8-K
Filed at:   2024-12-11T23:59:59+00:00
Accession:  0001628280-24-050691
Event type: earnings
Sentiment:  negative
Materiality: 0.85
Item codes: 2.02, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Macy's Q3 GAAP EPS $0.10, adjusted $0.04; material weakness found after employee hid $151M expenses
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- Net sales $4.7B (-2.4% YoY); comparable sales down 1.3% on owned+licensed+marketplace basis.
- GAAP diluted EPS $0.10 vs $0.15 prior year; adjusted diluted EPS $0.04 vs $0.21 prior year.
- Single employee intentionally hid ~$151M delivery expenses from Q4 2021 to Q3 2024; no material impact on prior financials.
- Material weakness in internal controls over delivery expenses identified; prior internal control reports no longer reliable.
- FY 2024 guidance lowered: net sales $22.3-$22.5B, adjusted EPS $2.25-$2.50 (from $2.55-$2.90).

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/794367/000162828024050691/0001628280-24-050691-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/794367/000162828024050691/n-20241211.htm
  HTML page:      https://secwatch.observer/filing/0001628280-24-050691

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer