Macy’s Inc. is delaying its Q3 earnings report due to an investigation into accounting irregularities, where an employee concealed $132 million to $154 million in delivery expenses. Although the inaccurate accounting entries spanned from Q4 2021 to Q3 2023, they did not impact cash management or vendor payments. Preliminary results indicate a 2.4% decline in net sales to $4.7 billion. Despite this setback, analysts believe the accounting issues are minor and that Macy’s overall performance in Q3 was relatively strong, with certain stores showing positive sales growth.

Source: https://www.supplychaindive.com/news/macys-delays-q3-millions-fraudulent-accounting-delivery-expenses/733919/