Macy's Reports Preliminary Q3 Results, Postpones Earnings Release

Shares of Macy’s (M) fell 2.2% during the trading session yesterday, as investors digested the news of a delay in fiscal third-quarter 2024 earnings release. The delay is related to the discovery of accounting irregularities for delivery expenses.An investigation revealed that a former employee intentionally hid about $132 million to$154 million in delivery costs between the fourth quarter of fiscal 2021 and the third quarter of fiscal 2024. During this period, the company reported approximately $4.36 bill ...