Macy’s Delays Earnings Report: Single Employee Hid $154 Million in Expenses
Macy’s delayed its quarterly earnings report due to a single former employee’s intentional concealment of approximately $154 million in expenses over three years. This employee, who is no longer with the company, made erroneous accounting entries to hide small package delivery costs. While the concealed expenses were a small percentage of total delivery expenses, the errors necessitated a forensic accounting investigation and delayed the earnings report until December 11. Despite this, Macy’s maintains that the issue did not affect cash management or vendor payments.
John Q. Hosedrinker