Macy's delays Q3 earnings after finding $154M in hidden expenses by employee

📆 11/25/2024 4:35 PM
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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.

FILE - Cars are parked in front of a Macy's store at Hawthorn Mall in Vernon Hills, Ill., June 3, 2024. Macy's reported stronger-than-expected sales for the third quarter and said 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 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.

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