NEW YORK — Macy’s reported a decline in profits and sales for its third quarter with many customers of the department store chain continuing to divert spending to basics like groceries amid elevated prices.
The company, which also owns upscale Bloomingdale’s and the cosmetics chain Bluemercury, raised its annual sales expectations, but lowered profit projections citing the uncertain economic environment.
Macy’s quarterly results were delayed after it discovered late last month that an employee intentionally hid as much as $154 million in expenses over several years. The company said Wednesday that its independent investigation of the incident is complete and that there is no material impact to the company’s finances.
In the rough operating environment for Macy’s, activist investor Barington Capital Group this week asked Macy’s to develop an internal real estate subsidiary, reduce capital expenditures, and explore strategic options for Bloomingdale’s and Bluemercury chains, among other changes, to boost its slumping stock.