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.
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 that there’s no indication that the erroneous accounting accrual entries had any impact on its cash management activities or vendor payments.
It anticipates reporting its full third-quarter financial results by Dec. 11.
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