Macy’s delays earnings release as it says employee hid up to $154 million in delivery expenses

Macy’s announced it will delay its full earnings release as it investigates an accounting issue where an employee intentionally hid up to $154 million in delivery expenses.

The company found that the employee made erroneous entries between Q4 2021 and Q3 2024.

While Macy’s continues its investigation, it confirmed the issue did not affect cash management or vendor payments, and the employee is no longer with the company, CNBC has reported.

read more: https://www.cnbc.com/2024/11/25/macys-posts-preliminary-results-delays-full-earnings-release.html

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