Macy’s employee hid up to $154 million in delivery costs, and stock takes a dive

Macy’s identified a single employee who made “erroneous” accounting entries to hide up to $154 million in delivery expenses during a three-year period.

Business - MarketWatch - 2 days ago

Macy's says an employee hid up to $154 million in delivery expenses

Macy's delays its quarterly earnings report after discovering that an accounting unit employee concealed delivery expenses.

Macy's Says Accounting Employee Hid Up to $154 Million in Delivery Expenses

The retailer delayed its quarterly results after it said an employee hid up to $154 million in delivery expenses over several years, prompting an investigation.

Business - The Wall Street Journal - 2 days ago

Macy's delays earnings release as it says employee hid up to $154 million in delivery expenses

Macy's delayed its results after it discovered an issue related to the reporting of delivery expenses.

Business - CNBC - Yesterday

Macy's says employee hid up to $154 million in expenses since 2021

Macy’s on Monday said an employee responsible for managing accounting for small package deliveries concealed up to $154 million in expenses over the course of nearly three years.

Macy’s Discovers Employee Hid Millions in Delivery Expenses

The department store chain said it had found the erroneous accounting entries while preparing its results for the third quarter.

Top stories - The New York Times - Yesterday

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 says employee hid more than $132mn in delivery expenses

US retailer delays release of third-quarter results after discovering accounting entries issue spanning past three years

Business - Financial Times - Yesterday

Nio’s stock dives as earnings, outlook disappoint despite record deliveries

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Business - MarketWatch - November 20

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Business - CNBC - November 15

GM lays off 1,000 employees amid reorganization and cost-cutting

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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 entries’ related to delivery expenses.

Business - Inc. - Yesterday

Chinese Express Delivery Firm Taps Hong Kong Market With Near $800 Million Offering

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