Macy’s, Inc. has reported its financial results for the third quarter of 2024. The company confirmed that these results allign with its previously announced preliminary findings, despite an internal investigation into an employee who concealed up to $151 million in expenses.
Today, Macy’s reported a revenue decrease of 2.4% to $4.7 billion.
In today’s press release, Macy’s reported its Q3 Highlights as:
- No material impact or restatements to previously filed financial statements following completion of delivery expense related investigation.
- GAAP diluted earnings per share of $0.10; Adjusted diluted earnings per share of $0.04 exceeded the company’s prior guidance.
- Macy’s First 50 locations delivered third consecutive quarter of comparable sales growth, up 1.9%.
- Bloomingdale’s reported comparable sales growth of owned and owned-plus-licensed-plus-marketplace of 1.0% and 3.2%, respectively.
“Our third quarter results reflect the positive momentum we are building through our Bold New Chapter strategy,” said Tony Spring, chairman and chief executive officer of Macy’s, Inc. “We are encouraged by the consistent sales growth in our Macy’s First 50 locations and the strong performance of Bloomingdale’s and Bluemercury. Quarter-to-date, comparable sales continue to trend ahead of third quarter levels across the portfolio. Looking ahead, we remain committed to achieving sustainable, profitable growth for Macy’s, Inc.”
Prior to the release of today’s results, Macy’s stated; “The company identified that a single employee with responsibility for small package delivery expense accounting intentionally made erroneous accounting accrual entries to hide approximately $151 million of cumulative delivery expenses from the fourth quarter of 2021 through the third quarter of 2024.”
Macy’s stock price fell 8% in pre market trading today.
By CEO NA Editorial Staff
