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One Employee’s Actions Cost Macy’s $154 Million
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Subscribe27 NOV 2024 / ACCOUNTING & TAXES
Macy's has discovered an accounting discrepancy of between $132 million and $154 million caused by a former employee who hid these delivery costs, leading to an inflated profit report. Before the full implications are clear, the retail giant, which saw a dip of 2.4% in third-quarter sales, is delaying its Q3 earnings report until December 11; meanwhile, its shares dropped over 8% in premarket trading.
Macy’s, the retail giant, just got a rather pricey surprise package: a $132 million hole in its delivery expenses. One of their employees had been hiding these costs, wrapping them up tighter than a Black Friday bargain bin. And investors will have to wai...
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