Macy's Unveils Disguised Delivery Costs, Delays Financial Report
Macy’s has announced that an employee was responsible for hiding between $132 million and $154 million in delivery expenses over nearly three years, leading the retailer to delay its quarterly earnings report initially scheduled for release on Tuesday. The individual, who is no longer with the company, engaged in intentional misrepresentation of accounting entries related to small package delivery expenses, prompting an independent forensic accounting investigation.
The irregularities were identified while the company was preparing its financial results for the third quarter, which ended on November 2, 2024. Macy’s reported that these false entries had no impact on cash management or vendor payments, and only the former employee appears to have been involved in the misconduct. CEO Tony Spring affirmed the company’s commitment to ethical conduct, expressing that staff remains focused on executing strategies for a successful holiday season.
In preliminary results, Macy’s recorded a 2.4% decrease in quarterly sales, totaling $4.7 billion, attributed to weak digital performance and unseasonably warm weather affecting traditional sales categories. As a result of the findings, Macy’s full quarterly financial results are now expected by December 11, amidst ongoing challenges in the middle-market retail sector.
Despite the difficulties, higher-end subsidiaries like Bloomingdale’s reported a slight sales increase of 1.4%. The accounting discrepancies have raised concerns among investors regarding the company’s oversight, with Macy’s stock already down nearly 20% this year prior to the incident.
As part of a broader turnaround plan, Macy’s intends to close hundreds of stores and focuses on restructuring its operations to adapt to the changing retail landscape.
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Macy’s found a single employee hid up to $154 million worth of expenses | CNN Business
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Macy's says an employee hid as much as $154 million in expenses
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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.
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fortune.com
Macy’s says single employee was responsible for hiding up to $154m in expenses
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