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Notice of Reduced Earnings De 2063 Form

Notice of Reduced Earnings De 2063 Form

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Macy's is delaying its third quarter report over an accounting issue it says that during the preparation of its financial statements it discovered that an employee with a responsibility for small package delivery made erroneous accounting entries to hide between 132 million and $154 million in delivery expenses that worker is no longer employed by the company as you might expect it says there is no indication that the erroneous accounting had any impact on the company's cash management or vendor payments but it is delaying its earnings release and conference call to allow for completion of an independent investigation that stock is off by about 3.4% in the meantime the company did offer some preliminary numbers it says that third quarter net sales dropped by 2.4% but comp store sales in November are trending ahead of third quarter levels again lot to digest there it looks like the Market's still reacting stock is off by about 3 and a third %

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