Macy's says an employee hid as much as $154 million in expenses
The employee "intentionally made erroneous accounting accrual entries" to hide millions of dollars, Macy's said. The error forced the company to delay reporting its third-quarter results.
Macy’s found a single employee hid up to $154 million worth of expenses
Macy’s announced Monday that a single employee was responsible for so many accounting irregularities that the company was forced to delay its quarterly earnings report, which the retailer had planned to release Tuesday.
How did a Macy’s employee hide millions in expenses for years?
A former employee intentionally hid expenses totaling as much as $154 million in the company's small package delivery department over a roughly three-year period, Macy's said in a financial disclosure on Monday.
Macy’s Touted a Metric That Ended Up Being Juiced for Years by Former Employee
For years, Macy’s Inc. touted its ability to boost profits by cutting delivery costs and trimming other expenses on calls with Wall Street analysts. Then on Monday, the department store chain surprised investors by revealing that those very costs had become the source of an internal investigation into what the company has described as a multimillion-dollar employee plot to manipulate the metrics.
Macy's says employee 'intentionally' hid up to $154M in expenses
Macy's says it will push back its third-quarter earnings report after discovering an employee "intentionally" hid as much as $154 million in shipping expenses.
Macy’s says employee hid up to $154 million in expenses, delaying Q3 earnings
Macy’s says it’s delaying the release of its fiscal third-quarter earnings results after it discovered an up to $154 million accounting-related issue
Macy's Delays Q3 Earnings After Employee Hid up to $154M in Expenses
An internal investigation revealed that a single employee intentionally concealed these expenses over nearly three years.
Macy’s Discovers Employee Hid Millions in Delivery Expenses
The department store chain said it had found the erroneous accounting entries while preparing its results for the third quarter.
Macy’s employee hid $150 million in expenses, company delays quarterly report
Macy’s third quarter earnings report was scheduled for Tuesday but will be delayed by an internal investigation.
Macy’s Q3 Audit Reveals Employee Hid $154M
The department store company Macy’s delayed its complete quarterly results release after finding out one of their employees ...
Macy’s says employee hid as much as $154 million in expenses
Macy’s said an employee hid as much as $154 million in delivery expenses over a three-year period, prompting the retailer to ...
Macy's says an employee hid up to $154 million in expenses
Macy's delays its quarterly earnings report after discovering that an accounting unit employee concealed delivery expenses.
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