Macy's Delays Q3 Earnings Report Amid Investigation Over $154M Accounting Scandal; Stock Dips
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Nov 25 2024
0mins
Source: Benzinga
Earnings Release Delay: Macy's Inc. shares fell premarket after the company postponed its third-quarter earnings release to complete an independent investigation into an employee who concealed $132-$154 million in delivery expenses from 2021 to 2024.
Preliminary Q3 Results: The company reported a 2.4% decline in net sales for Q3, totaling $4.742 billion, with mixed performance across its brands; however, it anticipates a strong holiday season and plans to report full results by December 11, 2024.
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Analyst Views on M
Wall Street analysts forecast M stock price to fall
12 Analyst Rating
2 Buy
9 Hold
1 Sell
Hold
Current: 21.670
Low
8.00
Averages
21.33
High
27.00
Current: 21.670
Low
8.00
Averages
21.33
High
27.00
About M
Macy's, Inc. is an omni-channel retail company. The Company operates stores, websites and mobile applications under three brands, Macy's, Bloomingdale's and Bluemercury, which sell a range of merchandise, including apparel and accessories (men's, women's and kids'), cosmetics, home furnishings and other consumer goods. The Company has stores in 43 states, the District of Columbia, Puerto Rico and Guam. Its operations are conducted through Macy's, Macy's Backstage, Macy's small format, Bloomingdale's, Bloomingdale's The Outlet, Bloomie's, and Bluemercury. In addition, Bloomingdale's in Dubai, United Arab Emirates and Al Zahra, Kuwait are operated under a license agreement with Al Tayer Insignia. The principal private label brands offered by the Company include Alfani, And Now This, Aqua, Bar III, Cerulean 6, Charter Club, Club Room, Epic Threads, first impressions, Giani Bernini, Holiday Lane, Home Design, Hotel Collection, Hudson Park, Ideology, I-N-C, jenni, JM Collection, and others.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Core Holdings Retained: Despite the significant sell-off, Abel retained core holdings such as Apple, American Express, and Coca-Cola, reflecting his respect for and continuation of the company's traditional investment strategies established by Buffett.
- Positive Market Reaction: Following the announcement of Abel's investment strategy, Berkshire Hathaway's stock ticked higher, reflecting market confidence in his management capabilities and further solidifying the company's position in the investment community.
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- New Investment Directions: Abel added positions in Delta Airlines and Macy's, and tripled the investment in Alphabet, indicating a strategy aligned with Buffett's tech stock preferences, which may attract younger investors.
- Increased Concentration: Excluding investments in Japan, Berkshire now holds only 29 positions, retaining Buffett favorites like Apple, American Express, and Coca-Cola, reflecting ongoing confidence in classic quality assets.
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