From CNBC: 2024-11-25 08:35:35

Macy’s delays full earnings release due to accounting issue, reports 2.4% sales drop to $4.74 billion in third quarter. Employee hid $132-$154 million in delivery expenses from fourth quarter of 2021 to third quarter of 2024. Company expects to release full results by December 11. CEO Tony Spring emphasizes focus on growth strategy.

Macy’s closes struggling namesake stores, invests in Bloomingdale’s and Bluemercury. Comparable sales at invested Macy’s stores rise 1.9%, Bloomingdale’s up 3.2% owned-plus-licensed, Bluemercury up 3.3%. Company plans to close 150 Macy’s stores by 2027, sees asset sale gains and improvement in credit card revenues offset by drop in premarket trading.

Credit card revenues drop 15.5%, offset by growth in advertising business. Macy’s shares fall 1.6% in premarket trading, down 19% for the year. Stocks close Friday at $16.30, market value at $4.52 billion. CEO Spring notes November comparable sales trending ahead of third quarter levels.



Read more at CNBC:: Macy’s posts preliminary results, delays full earnings release