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(Reuters) -Macy's on Monday delayed its third-quarter results after finding that an employee hid as much as $154 million in expenses over years, instead issuing preliminary sales figures that fell ...
Macy's said an employee intentionally made accounting errors totaling $132 million to $154 million. Auditing experts told BI the available evidence suggests a failure of internal accounting controls.
The accounting irregularities prompted the company to delay reporting its full third-quarter results for 2024
The company had 94,000 employees and an annual revenue of $25.3 billion as of January 2023. [6] Macy's has conducted the annual Macy's Thanksgiving Day Parade in New York City since 1924 and has sponsored the city's annual Macy's 4th of July Fireworks since 1976. Macy's Herald Square is one of the largest department stores in the world. [7]
The former employee's alleged accounting errors affected the first half of fiscal 2024 by $9 million, but this was adjusted in total during the third quarter of 2024, according to the regulatory ...
"The delay in Macy's full third-quarter results is not a good look. While Macy's cannot control the actions of every employee, it is worrying that these are intentional accounting errors that go ...
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 ...
Macy's on Monday delayed its third quarter earnings release as it conducts an internal investigation into an employee hiding up to $154 million of expenses.An employee responsible for small ...