FILE - Cars are parked in front of a Macy's store at Hawthorn Mall in Vernon Hills, Ill., June 3, 2024. Macy's reported weaker-than-expected preliminary sales for the fiscal third quarter and said it's delaying the release of its fiscal third-quarter earnings results after it discovered an up to $154 million accounting-related issue.
The retailer said Monday that it identified an issue related to delivery expenses in one of its accrual accounts earlier this month. An independent investigation and forensic analysis found that a single employee with responsibility for small package delivery expense accounting intentionally made erroneous accounting accrual entries to hide roughly $132 million to $154 million of expenses from the fourth quarter of 2021 through the fiscal quarter ended November 2.
Macy's said is it delaying reporting its third-quarter earnings results to complete an independent investigation. It anticipates reporting its full third-quarter financial results by Dec. 11.
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