Macy’s has announced third-quarter sales that fell short of expectations, with the company delaying the release of its full quarterly financial report. This delay is due to the discovery of a single employee who intentionally hid up to $154 million in expenses over several years, affecting delivery expense accounting.
Macy’s announced third-quarter results that were below expectations, with the company delaying the release of its full quarterly report after discovering an employee had intentionally concealed up to $154 million in expenses over several years.
The issue was identified in an accrual account related to delivery expenses, with an independent investigation revealing a single employee made erroneous entries to hide $132 million to $154 million of expenses from the fourth quarter of 2021 through the fiscal quarter ending November 2. Macy’s stated there was no evidence this affected the company’s cash management or vendor payments. The individual involved is no longer employed, and no other employee is suspected of involvement. Macy’s is holding off on reporting third-quarter earnings until the investigation is complete, with an expected release date of December 11. Net sales for the quarter fell 2.4% to $4.74 billion, slightly outperforming analyst expectations of $4.72 billion
Macy’S Third Quarter Sales Financial Report Employee Misconduct Delivery Expenses
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Macy's says employee hid up to $154 million since 2021Mike Calia is the managing editor for business and the economy at NBC News.
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