Macy's Uncovers $154M Expense Concealment by Rogue Employee
TL;DR Summary
Macy's has delayed its quarterly earnings release after discovering that a former employee intentionally concealed up to $154 million in expenses over several years. The discrepancies were found during the preparation of unaudited financial results, which showed a 2.4% drop in quarterly revenue. The rogue employee, responsible for small package delivery expense accounting, acted alone, and the issue did not affect cash management or vendor payments. Macy's is conducting an independent investigation and plans to release full results on December 11.
- Rogue employee at Macy’s intentionally ‘hid’ up to $154M in expenses New York Post
- Macy’s found a single employee hid up to $154 million worth of expenses CNN
- Macy's stock price drops; earnings, store sales data delayed: Why? Fast Company
- Macy’s Discovers Employee Hid Millions in Delivery Expenses The New York Times
- Macy’s Says Accounting Employee Hid Up to $154 Million in Delivery Expenses The Wall Street Journal
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