
The department store operator cut its earnings outlook and slightly raised its full-year revenue forecast, while still projecting a sales decline.
Spring said on the company’s earnings call that the investigation found the employee “acted alone and did not pursue these acts for personal gain.”
Shares of the company closed the day down nearly 1%, after Macy’s lowered its full-year earnings outlook. The company cut its guidance, saying it expects adjusted earnings per share of $2.25 to $2.50, lower than its previous outlook of $2.34 to $2.69.