7 sources·Business

Macy's Shares Dip Following Profit Decline and Accounting Scandal

Macy's reports a 10% drop in shares due to third-quarter profit decline and a $151 million accounting scandal, prompting a corporate overhaul.

14%

71%

14%

The distribution of story sources: left-leaning (blue), center (light gray), and right-leaning (red).

Reliable

The underlying sources consistently report facts with minimal bias, demonstrating high-quality journalism and accuracy.

Balanced

The underlying sources are either a balanced mix of left and right or primarily centrist.

Subscribe to unlock this story

We really don't like cutting you off, but you've reached your monthly limit. At just $3/month or $30/year, subscriptions are how we keep this project going. Start your free 7-day trial today!

Get Started

No highlights available for this story.

Updated: Dec 11th, 2024, 3:04 PM ET

Summary

A summary of the key points of this story verified across multiple sources.

Macy's announced a significant drop in third-quarter profits and sales, worsened by an accounting scandal involving a rogue employee who concealed $151 million in expenses. Despite exceeding sales expectations of $4.74 billion, the company expects lower annual profits, revising its earnings guidance downward. Internal investigations revealed the employee acted alone without personal gain, prompting enhanced financial controls. Macy's faces pressure from activist investors for strategic changes amidst challenging retail conditions, including consumer spending shifts and rising competition.

Perspectives

Compare opinions on this story from liberal (Left), conservative (Right) or center-leaning news organizations.

No center-leaning sources available for this story.

History

A summary of how this story has evolved over the last 24 hours.