Consumer
Macy’s Worker Hid Millions in Expenses, Prompting Earnings Delay
- Employee ‘intentionally’ made erroneous accounting entries
- Probe shows issue began in 2021; Worker no longer with Macy’s
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Macy’s Inc. is delaying its third-quarter earnings release after an investigation revealed an employee hid more than $100 million of expenses over several years.
The worker “intentionally” hid $132 million to $154 million of delivery expenses through false accounting entries from the end of 2021 through Nov. 2 of this year, the company said Monday. The employee is no longer with the retailer.