Macy's says employee hid up to $154 million in expenses, delays Q3 earnings

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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. “At Macy’s Inc., we promote a culture of ethical conduct," Chairman and CEO Tony Spring said in a statement."While we work diligently to complete the investigation as soon as practicable and ensure this matter is handled appropriately, our colleagues across the company are focused on serving our customers and executing our strategy for a successful holiday season.”

Macy's Inc.'s comparable sales — sales from established physical and online channels — were down 2.4%, excluding licensed businesses like cosmetics. By division, Macy's comparable sales were down 3%, while Bloomingdale's comparable sales rose 1%. Bluemercury's comparable sales rose 3.3%,

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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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