(Reuters) – Macy’s (M) on Monday delayed publication of its third-quarter outcomes after discovering an accounting situation associated to supply bills and as a substitute reported preliminary outcomes wherein its gross sales missed Wall Avenue expectations.
Web gross sales fell 2.4% to $4.74 billion in comparison with analysts’ common estimate of $4.77 billion, as steep promotions failed to draw prospects who’ve turned selective on purchases.
The corporate stated it has recognized a difficulty associated to supply bills in one among its accrual accounts throughout preparation of the quarterly outcomes.
Macy’s has initiated an impartial investigation and recognized {that a} single worker with accountability for small bundle supply expense accounting deliberately made faulty accounting accrual entries.
This resulted within the worker hiding about $132 million to $154 million of cumulative supply bills from the fourth quarter of 2021 by means of third quarter ended Nov. 2.
Macy’s expects to report its full third-quarter monetary outcomes and maintain its earnings convention name, wherein it can present its fourth quarter and annual outlooks, by Dec. 11.
(Reporting by Ananya Mariam Rajesh in Bengaluru; Modifying by Arun Koyyur)