Macy’s Inc. said it would delay its third-quarter earnings release after an investigation revealed an employee hid more than $100 million of expenses.
An employee “intentionally” made erroneous accounting accrual entries to hide about $132 million to $154 million of cumulative delivery expenses stretching over multiple years, the company said Monday.
The worker, who was responsible for small package delivery expense accounting, is no longer employed with the company.
The retailer said it identified an issue with its delivery expenses while it was preparing its quarterly financial statements, prompting the initiation of an independent investigation. The probe revealed a single employee hid the expenses from the fourth quarter of 2021 through the fiscal quarter ended Nov. 2, 2024.
MORE:
Views: 31