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

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Tony Spring

Macy’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.

23 minutes agoRead full article: What's next for Laura Street Trio after negotiations between city, developer fail?Make household chores easier and more with these Insider DealsFILE - Cars are parked in front of a Macy's store at Hawthorn Mall in Vernon Hills, Ill., June 3, 2024.

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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