Macy's shares drop on prelim Q3 sales miss, accounting issue

Nordstrom

25/11/2024 15:48

(Updates)
    ** Shares of Macy's  M.N  slide nearly 5% to $15.49 after
company's preliminary Q3 sales miss expectations 
    ** The department store operator also delays full Q3 results
to investigate an accounting issue related to delivery expenses
    ** Macy's says Q3 sales fell 2.4% to $4.74 bln vs analysts'
estimates of $4.77 bln, according to data compiled by LSEG
    ** An employee made erroneous accrual entries to hide $132
mln to $154 mln in delivery costs from Q4 2021 through latest Q3
- company
    ** Company will report full Q3 results by Dec. 11
    ** In contrast, department store rivals Nordstrom  JWN.N 
and Kohl's  KSS.N  up 5.6% and 8.5%, respectively
        ** November comparable sales were trending ahead of
third-quarter levels, in the run-up to the holiday season -
Macy's CEO Tony Spring
  
    ** Macy's stock down 19%​ this year through Friday 

 (Reporting by Joao Manuel Mauricio and Savyata Mishra in
Bengaluru)
 ((JoaoManuel.VicenteMauricio@thomsonreuters.com))