Consumer
Macy’s Shares Fall After Profit Hit by Accounting Error
- CEO says company is strengthening its internal controls
- Employee plot will have $79 million impact on full-year profit
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Macy’s Inc. trimmed its profit outlook after concluding its investigation into an employee that hid millions of dollars in expenses.
The misstatement of delivery expenses will have a full-year impact of $79 million on gross margin and adjusted earnings per share, according to a statement on Wednesday. Most of the impact will be recorded in the fourth quarter.