Macy's delays Q3 earnings after employee conceals $154M in expenses

Macy's announced weaker-than-expected sales for the third quarter, saying it’s delaying the release of its full quarterly results after it discovered an employee intentionally hid up to $154 million of expenses over several years.The report was expected to come out Tuesday. The retailer said Monday that it identified an issue related to delivery expenses in one of its accrual accounts earlier this month.

Macy's said that there's no indication that the erroneous accounting accrual entries had any impact on its cash management activities or vendor payments.The company added that the person behind the conduct is no longer an employee and that the investigation didn't identify involvement by any other worker.

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Macy’s investigates after employee hid up to $154 million in expenses, company saysMacy’s said is it delaying reporting its third-quarter earnings results to complete an independent investigation.
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Macy's says employee hid up to $154 million in expenses, delays Q3 earningsMacy’s says it’s delaying the release of its fiscal third-quarter earnings results after it discovered an up to $154 million accounting-related issue
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Macy's says employee hid up to $154 million in expenses, delays Q3 earningsMacy’s says it’s delaying the release of its fiscal third-quarter earnings results after it discovered an up to $154 million accounting-related issue.
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Macy's says employee hid up to $154 million in expenses, delays Q3 earningsMacy’s says it’s delaying the release of its fiscal third-quarter earnings results after it discovered an up to $154 million accounting-related issue.
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