Macy's delayed its earnings release as it investigates an employee's alleged concealment of up to $154 million in delivery expenses over nearly two years. The company emphasized that cash management and vendor payments were unaffected, and the employee no longer works there. Macy's revealed that its third-quarter sales declined, with a drop in comparable sales across its owned, licensed businesses, and online marketplace. These disclosures were made despite the postponement of its full earnings results.
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00:00It's Benzinga, bringing Wall Street to Main Street.
00:02Macy's delayed its earnings release as it investigates an employee's alleged concealment
00:06of up to $154 million in delivery expenses over nearly two years. The company emphasized that
00:12cash management and vendor payments were unaffected, and the employee no longer works there.
00:18Macy's unveiled that its third quarter sales declined, with a drop in comparable sales across
00:22its owned, licensed businesses and online marketplace. These disclosures were made
00:27despite the postponement of its full earnings results.
00:30For all things money, visit Benzinga.com slash GSTV.