Macy's profit and sales slumped in the third quarter with many customers of the department store chain continuing to divert spending to basics like groceries as they deal with broadly higher prices. The New York retailer which owns upscale Bloomingdale’s and the cosmetics chain Bluemercury raised sales expectations for the year,

Macy's financial woes continue with the company reporting a notable dip in third-quarter profits and sales, reflecting a consumer trend toward prioritizing essentials like groceries over discretionary spending.

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 sa

Macy's shares tumble after profits and sales drop in the third quarter.