Macy’s has posted its third-quarter results following the delay last month and updated its full-year outlook to reflect previous accounting errors.

For the 13 weeks ended November 2, the company’s net sales decreased 2.4 per cent to $4.7 billion while comparable sales fell 2.4 per cent, in line with the preliminary results. 

Net sales of the Macy’s banner were down 3.1 per cent, but the chain’s ‘First 50’ locations saw a 1.9 per cent improvement. Bloomingdale’s net sales were up 1.4 per cent, and Bluemercury’s net sales rose 3.2 per cent.

The company’s net income was down from $41 million last year to $28 million.

Last month, the company identified an issue related to delivery expenses in one of its accrual accounts. The investigation revealed that an employee made erroneous accounting accrual entries to hide up to $154 million of cumulative delivery expenses between late 2021 and November this year.

In the latest statement, the firm noted no material impact or restatements to previously filed financial statements following the completion of the delivery expense-related investigation.

“We’ve concluded our investigation and are strengthening our existing controls and implementing additional changes designed to prevent this from happening again and demonstrate our strong commitment to corporate governance,” said CEO Tony Spring.

“Our focus is on ensuring that ethical conduct and integrity are upheld across the entire organization.”

Macy’s also provided its new outlook for the full year to properly reflect previously misstated delivery expenses. The company now expects net sales of $22.3 billion to $22.5 billion and comparable sales to be flat or down 1 per cent.