Macy's revealed an accounting error involving up to $154 million in delivery expenses, prompting the postponement of its earnings report and a mixed financial outlook.
Despite experiencing a 2.4% decline in third-quarter sales against expectations, notable growth in comparable sales indicates potential effectiveness of Macy's new strategic investments.
Macy's shares dropped over 8% premarket after the preliminary results, but some losses were regained as investors assessed the mixed performance amid the employee accounting error.
The department store chain discovered the error of $154 million while preparing results for a quarter that ended Nov. 2, sparking an internal investigation.
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