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 with Wall Street analysts. Then on Monday, the department store chain surprised investors by revealing that those very costs had become the source of an internal investigation into what the company has described as a multimillion-dollar employee plot to manipulate the metrics.
How did a Macy’s employee hide millions in 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. A former employee ...
Macy's: Employee hid upwards of $154M in delivery expenses
Macy's announced an employee has "hid" up to $154 million, prompting the U.S. department store chain to delay the release of its third-quarter earnings report.
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 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 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 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.
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Macy’s uncovers shocking $154M hidden expense scheme
Macy’s, one of the leading retail giants in the United States, has recently made headlines after revealing a significant ...
Macy’s Is Selling This ‘Beautiful’ $56 Sherpa Blanket for Just $16, and Shoppers Say It Feels ‘So Soft and Cuddly’
Macy's shoppers are racing to score incredible Black Friday deals, and we've noticed that so many are already selling out.
Woman hurt in shooting outside Loop Macy's likely was not targeted, police say
Two groups of male teens had argued before the shooting, which sparked masses of festivalgoers and shoppers to run for cover, ...
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Who are the auditors of Macy’s? All you need to know about luxury fashion store’s $154 million accounting issue
Macy's is going through a serious accounting debacle after learning that a single employee purposefully falsified accounting ...
Macy's Thanksgiving Day Parade: See photos of floats through the years
With Thanksgiving upon us, the Macy's Thanksgiving Day Parade is a staple of the day. See how the iconic floats have changed ...
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 ...
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 $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 ...