Macy's confirms rogue employee hid $151 million in expenses over three years
A rogue employee was responsible for hiding $151 million in delivery expenses over the course of nearly three years, Macy's said Wednesday.
Macy’s provides more details about that employee who hid more than $150 million worth of expenses
Macy’s said Wednesday that it has concluded its investigation into an employee who intentionally hid more than $150 million in expenses, and it has tightened its controls to avoid a repeat of the embarrassing problem.
Macy's probe reveals employee hid $151 million in delivery expenses
Retail giant Macy's said on Wednesday said it concluded an independent investigation into an employee who purposely hid $151 million in delivery expenses over nearly three years, forcing it to revise
Macy’s Probe Found Employee Acted Alone in $151 Million Accounting Scandal
Macy’s has completed its investigation into accounting problems and found that a single employee’s mistake and coverup created $151 million in false bookkeeping entries.
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.
Macy's Q3 results delayed after employee hides millions in expenses
Macy's M.N on Monday delayed its third-quarter results after finding that an employee hid as much as $154 million in expenses over years, instead issuing preliminary sales figures that fell short of Wall Street expectations.
Macy’s Accounting Probe Finds Employee Acted Alone
Macy’s has completed its investigation into accounting problems and found that a single employee’s mistake and coverup created $151 million in false bookkeeping entries.
Macy's ends delivery expense investigation, saying employee hid $151 million
Macy's on Wednesday said it has concluded an investigation into an employee who intentionally hid about $151 million of delivery expenses. In a statement, CEO Tony Spring said the retailer is "strengthening our existing controls and implementing additional changes designed to prevent this from happening again and demonstrate our strong commitment to corporate governance.
Macy’s rogue employee hid $151M in expenses to cover up mistake, wasn’t motivated by personal gain: report
According to the Wall Street Journal, the employee told investigators about having mistakenly understated the amount of small parcel delivery expenses in late 2021, citing a source briefed on the
Here’s what one employee hiding money is doing to Macy’s stock and profit view
Macy’s cut its full-year earnings outlook, after making adjustments to reflect the impact of misstated delivery expenses.
Macy’s Details Multimillion-Dollar Accounting Error in Downbeat Report
Macy’s, the largest department store chain in the United States, is in the midst of its latest turnaround plan, overseen by ...
Macy's offers a mixed outlook after reporting third quarter profit and sales declines
Macy’s is reporting a decline in profits and sales for its third quarter with many customers of the department store chain continuing to divert spending to basics like groceries amid elevated prices ...
Macy’s Lowers Its Full-Year Profit Outlook on Accounting Error
Macy’s Inc. trimmed its profit outlook after concluding its investigation into an employee plot to hide millions of dollars ...
Macy’s third quarter profit and sales slide and so do its shares
Macy’s profit and sales declined in the third quarter as the department store chain wrestled with cautious spending amid ...