Macy's says an employee hid as much as $154 million in expenses
The employee "intentionally made erroneous accounting accrual entries" to hide millions of dollars, Macy's said. The error forced the company to delay reporting its third-quarter results.
Macy’s Discovers Employee Hid Millions in Delivery Expenses
The department store chain said it had found the erroneous accounting entries while preparing its results for the third quarter.
Macy’s found a single employee hid up to $154 million worth of expenses
Macy’s announced Monday that a single employee was responsible for so many accounting irregularities that the company was forced to delay its quarterly earnings report, which the retailer had planned to release Tuesday.
Macy's Delays Q3 Earnings After Employee Hid up to $154M in Expenses
An internal investigation revealed that a single employee intentionally concealed these expenses over nearly three years.
How could Macy's overlook millions in hidden expenses for years?
Over some three years over which the inaccurate financial reporting took place, Macy's incurred $4.36 billion in delivery expenses, the company said. At most, the hidden expenses made up 3.5% of the overall costs faced by the department. "The dollar amount is small relative to Macy's operations," Johanns said.
Macy's says employee 'intentionally' hid up to $154M in expenses
Macy's says it will push back its third-quarter earnings report after discovering an employee "intentionally" hid as much as $154 million in shipping expenses.
Macy's delays results after finding employee hid millions in delivery expenses
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 short of Wall Street expectations.
Macy's Delays Earnings After Finding Millions of Hidden Expenses
Macy's said it would delay the release of its third-quarter earnings after an investigation revealed an employee hid over $100 million of expenses. An employee responsible for small package delivery expense accounting intentionally made erroneous accounting accrual entries to hide about $132 million to $154 million of cumulative delivery expenses,
Macy's says an employee hid up to $154 million in delivery expenses
Macy's was forced to delay reporting its third-quarter earnings after an employee hid up to $154 million in expenses related to delivering small packages. The retailer, which also owns Bloomingdale's and Bluemercury,
Macy’s says employee hid up to $154 million in expenses, delaying Q3 earnings
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.
How did a Macy’s employee hide millions in expenses for years?
A former employee intentionally hid expenses totaling as much as $154 million in the company's small package delivery department over a roughly three-year period, Macy's said in a financial disclosure on Monday.
How Macy’s worker hid up to $154 million in fake expenses
The retail giant announced a delay in its third-quarter earnings report, postponing the release from November 26 to December ...
Macy’s says employee hid up to $154 million in expenses since 2021
Macy’s says employee hid up to $154 million in expenses since 2021 Macy’s on Monday said an employee responsible for managing ...
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Macy’s Worker Accused of Hiding Up to $154 Million in Expenses
A former employee of Macy’s has been accused by the retail company of hiding at least $132 million, but potentially as much ...