Macy’s says employee hid up to $154 million, delays earnings report – Straight Arrow News
Macy’s recently made headlines for a significant accounting scandal that led to the delay of its earnings report. The company revealed that an employee intentionally concealed up to $154 million in expenses over the span of three years. This individual, who has since been terminated, manipulated accounting entries related to small-package deliveries.
The discrepancy was discovered in one of Macy’s accrual accounts earlier this month, prompting an investigation that ultimately linked the issue to the former employee. Consequently, the company had to postpone its quarterly earnings report, which was initially scheduled for November 26th.
Chairman of Macy’s Inc., Tony Spring, assured stakeholders that the investigation is a top priority to ensure the matter is properly addressed. Despite this setback, Macy’s is focused on serving its customers and executing its strategy for a successful holiday season.
This incident comes at a challenging time for retailers, with many, including Macy’s, facing declining sales. In an effort to revitalize its business, Macy’s announced plans to shutter approximately 150 stores over the next three years.
As of November 25th, Macy’s shares saw a 3.5% decline amidst this troubling news. Stay informed by downloading the SAN app for all the latest updates and Unbiased. Straight Facts™ on financial news.
For SAN, I’m Karah Rucker. Stay tuned for more news by downloading the Straight Arrow News app.
