Macy's fell 1.99% to $15.98 in New York. The chain of stores announced the postponement of the publication of its results for the third quarter, citing “accounting irregularities” in delivery costs. The employee responsible for embezzling between $132 and $154 million left the Cincinnati firm, which instead presented preliminary results that fell short of Wall Street's expectations.
Over the period, net sales fell 2.4% over the period to $4.74 billion, where the consensus was targeting $4.77 billion.
Macy's plans to release its full third-quarter financial results and hold its earnings conference call, during which it will present its outlook for the fourth quarter and full year, by Dec. 11.
Remember that the group ended discussions this summer with the investment funds Arkhouse Management and Brigade Capital Management for a possible buyout.
This summer, on the sidelines of the publication of its second quarter results, Macy's revised downwards its annual net sales forecasts, anticipating an annual net turnover of between 22.1 and 22.4 billion dollars, against 22.3 to 22.9 billion dollars previously. A decline in forecasts as a reflection of “a more demanding consumer and a more intense promotional environment”, the group indicated in a press release.
