Summary by Moomoo AI
Macy's reported preliminary Q3 2024 results with net sales down 2.4% to $4.742B and comparable sales down 1.3% on an owned-plus-licensed-plus-marketplace basis. Macy's First 50 locations achieved 1.9% comparable sales growth, while Bloomingdale's and Bluemercury saw positive comps of 3.2% and 3.3% respectively.The company delayed its full Q3 earnings release due to an accounting issue. An investigation revealed a single employee intentionally hid $132-154M in delivery expenses from Q4 2021 through Q3 2024. Macy's expects to report full Q3 results by December 11, 2024.Macy's ended Q3 with $315M in cash and $2.77B available under its credit facility. Inventories increased 3.9% YoY, with about half due to cost accounting changes. The company voluntarily retired $220M of debt during the quarter.
