How could Macy's overlook millions in hidden expenses for years?
Days before Macy's is set to take center stage for its annual Thanksgiving Day Parade, the department store chain this week revealed a years-long accounting debacle unlikely to inspire gratitude among shoppers and shareholders.
Macy's employee hid more than $130m in delivery expenses
US department store Macy's has said a rogue staffer concealed more than $130m (£103m) in company costs over roughly three years, causing it to delay the release of its latest accounts. Macy's, also the owner of Bloomingdales and the make-up chain Bluemercury, said it was postponing its quarterly sales update as it investigates the incident.
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 Earnings After Finding Millions of Hidden Expenses
Macy's said it would delay the release of its third-quarter earnings after an investigation revealed an employee hid over $100 million of expenses. An employee responsible for small package delivery expense accounting intentionally made erroneous accounting accrual entries to hide about $132 million to $154 million of cumulative delivery expenses,
Macy’s Worker Hid Millions in Expenses, Prompting Earnings Delay
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.
Macy’s forced to delay quarterly earnings due to employee hiding up to $154 million in expenses
CNN’s Vanessa Yurkevich reports on Macy’s announcing that a single employee was responsible for so many accounting irregularities that the company was forced to delay its quarterly earnings report.
Macy's finds employee hid $154 million in expenses, report delayed
Macy's announced Monday that it would delay its full third-quarter earnings report because of an employee hiding up to $154 million in expenses, sending its stock plummeting in early trading.
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 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 ...
Macy’s Thanksgiving Day Parade Could Be Disrupted by NYC Winter Storm
The 2024 Macy’s Thanksgiving Day Parade is inching closer and rehearsals are underway. The iconic annual event has continued ...
Macy's $132 million mystery has auditing experts scratching their heads
While Macy's says a single employee was responsible for the error, accounting and auditing experts told BI it should have ...
How many balloons are in the Macy's Thanksgiving Day Parade? See the full list of 22 balloons
It's not a Macy's Thanksgiving Day Parade without giant balloons floating between the skyscrapers of New York City. What will ...
GlobalData on MSN9h
Macy’s delays Q3 2024 earnings after employee concealed $154m delivery expenses
The company said that a single employee "intentionally" made incorrect accounting entries from the fourth quarter of 2021 (Q4 ...
What Small Business Owners Should Learn from Macy’s Missing $150 Million
The department store chain had to delay its third quarter financial statements after uncovering 'erroneous accounting accrual ...
NYC Thanksgiving Day Parade will go on rain or shine, Macy's says
The show must go on and the Macy’s Thanksgiving Day Parade will go on rain or shine, Macy’s tells NBC New York. The parade is ...
Macy's Thanksgiving Day Parade: How to watch in AZ and who's performing
The Macy's Thanksgiving Day Parade takes to the streets of New York City Thursday. Here's when it starts, how long it lasts ...
The New York Times12h
How to Watch the Macy’s Thanksgiving Day Parade
For the 98th time, Macy’s brings New Yorkers its annual parade. This year, there will be 22 floats, 17 character balloons ...
Macy's delays Q3 report on accounting issue, expects weaker sales
Macy's on Monday delayed the publication of its third-quarter results due to an accounting issue tied to delivery expenses ...