Macy's Uncovers $154M Expense Fraud, Delays Earnings Report
Macy's has postponed its third-quarter results release after discovering an employee concealed $132 million to $154 million in delivery expenses through erroneous accounting entries since late 2021. The company has initiated an independent investigation and stated that the employee is no longer with the company. Preliminary results showed a slight decline in sales to $4.74 billion, leading to a 3% drop in Macy's shares in pre-market trading.