Macy's Delays Q3 Earnings Release

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Q3 earnings release

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Q3 earnings report

Yahoo Finance

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Macy's delays Q3 earnings report, says employee hid up to $154 million in expenses

Summary

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Macy 's delayed its Q3 earnings release as it conducts an internal investigation into an employee hiding hundred of millions of dollars of expenses.

Macy 's said the employee was no longer with the company and there was "no indication that the accounting error had any impact on the cash management activities or vendor payments" The company did not reported adjusted earnings, which Wall Street expects to come in at a loss of one cent .

As the company closes its "lowest-performing stores" and "store upgrades are implemented in the others," same store sales are expected to improve, said Swartz in a client note. — Brooke DiPalma is a senior reporter for Yahoo Finance . Follow her on X at @BrookeDiPalma or email her at [email protected]..

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