Macy's Delays Earnings After Employee Conceals $154M in Expenses
TL;DR
Macy's has delayed its third-quarter earnings release after discovering an employee hid up to $154 million in expenses over several years. The issue, related to delivery expenses, was uncovered through an independent investigation, and the responsible employee is no longer with the company. Despite the accounting scandal, Macy's reported a 2.4% decline in net sales to $4.74 billion, slightly above analyst expectations. The company plans to release full financial results by December 11, while focusing on a successful holiday season.
Topics:top-newsbusiness#accounting-scandal#business#earnings-delay#financial-investigation#macys#retail
- Macy's says employee hid up to $154 million in expenses, delays Q3 earnings ABC News
- Macy’s Discovers Employee Hid Millions in Delivery Expenses The New York Times
- Macy's says an employee hid up to $152 million in expenses CBS News
- Macy’s Says Accounting Employee Hid Up to $154 Million in Expenses The Wall Street Journal
- Macy's says quarterly sales dropped, delays earnings release after employee hid delivery expenses CNBC
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