Macy's shares drop on prelim Q3 sales miss, accounting issue
Updates
** Shares of Macy's M.N slide nearly 5% to $15.49after company'spreliminary Q3 sales miss expectations
** The departmentstore operator also delays full Q3 results to investigate an accounting issue related to delivery expenses
** Macy's says Q3 sales fell 2.4% to $4.74 bln vs analysts' estimates of $4.77 bln, according to data compiled by LSEG
** An employee made erroneous accrual entries to hide $132 mln to$154 mln in delivery costs from Q4 2021 through latest Q3 - company
** Companywill report full Q3 results by Dec. 11
** In contrast, department store rivals Nordstrom JWN.N and Kohl's KSS.N up 5.6% and 8.5%, respectively
** November comparable sales were trending ahead of third-quarter levels, in the run-up to the holiday season - Macy's CEO Tony Spring
** Macy's stock down19% this year through Friday
Reporting by Joao Manuel Mauricio and Savyata Mishra in Bengaluru
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