Macy's ends accounting investigation, sees no material impact, reports Q3 declines
Inc. said Wednesday there has been no material impact on its business from the $151 million in delivery expense accounting errors recently discovered.discovered an issue related to delivery expenses in one of its accrual accounts, triggering the independent investigation which has now been completed.
On the positive side, Macy’s “First 50” locations, where the company is investing in several areas of the stores, saw comparable sales rise 1.9 percent, marking the third consecutive quarter of comparable sales growth. Bloomingdale’s saw comparable sales growth of owned and owned-plus-licensed-plus-marketplace of 1 percent and 3.2 percent, respectively. Bluemercury reported comparable sales growth of 3.
The company is revising its historical consolidated financial statements that were impacted by the misstatements to properly reflect delivery expense, the related accrual and tax effects. The total misstatement to delivery expense for the first half of fiscal 2024 amounted to $9 million, which was adjusted in total during the third quarter of 2024.
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