Macy's Uncovers $151 Million Accounting Scandal by Rogue Employee

Macy's revealed that a rogue employee concealed $151 million in delivery expenses over nearly three years, impacting the company's financial reporting and causing a delay in its quarterly earnings release. The employee, who manipulated cost entries from late 2021 to 2024, is no longer with the company. Macy's shares fell by up to 10% following the announcement, as the company also reported earnings below analysts' expectations. Macy's is now strengthening its financial controls to prevent future incidents and is focused on maintaining ethical standards across the organization.