Macy's(US:M)2024-12-11 11:58Sales Performance - Macy's, Inc. reported preliminary net sales of $4.742 billion for Q3 2024, a decrease of 2.4% compared to Q3 2023[5] - Comparable sales for Macy's First 50 locations increased by 1.9%, marking the third consecutive quarter of positive growth[3] - Bloomingdale's achieved a 1.4% increase in net sales, with comparable sales up 1.0% on an owned basis and 3.2% on an owned-plus-licensed-plus-marketplace basis[6] - Bluemercury reported a 3.2% increase in net sales and a 3.3% increase in comparable sales, representing the fifteenth consecutive quarter of growth[8] Financial Position - The company ended Q3 2024 with cash and cash equivalents of $315 million and total debt of $2.865 billion[11] - Asset sale gains reached $66 million, significantly higher than the previous year, driven by the monetization of non-go-forward assets[10] - Merchandise inventories increased by 3.9% year-over-year, attributed to improved inventory composition and supply chain efficiencies[11] Accounting Issues - An independent investigation revealed erroneous accounting entries related to delivery expenses, hiding approximately $132 to $154 million in cumulative expenses[12] Future Outlook - The company plans to report full Q3 2024 financial results and provide fourth quarter and full year outlooks by December 11, 2024[13] - Future guidance will be updated upon the release of the complete financial results for Q3 2024[16]