Macy’s shares drop 3.5% after it delays quarterly results on finding employee hid millions in delivery expenses

November 25, 2024

Macy’s delayed its third-quarter results after uncovering an employee’s concealment of $132 million to $154 million in delivery expenses. Preliminary sales figures missed Wall Street expectations, and the company’s stock dipped. An internal investigation is underway, with full results and a revised outlook expected by December 11. Despite this, Macy’s CEO expressed optimism about the upcoming holiday season.

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