Additional Coverage:
- Macy’s delays earnings to complete investigation into a worker hiding over $130 million in expenses (newsbreak.com)
Macy’s has postponed its third-quarter earnings report due to an ongoing investigation into the concealment of over $130 million in expenses.
The company alleges that a former employee intentionally hid these expenses over a three-year period. The employee was responsible for accounting in the small-package delivery department.
Macy’s claims that the hidden expenses did not affect its cash management or vendor payments. The employee involved has been dismissed.
Macy’s stock price dropped by 4% in premarket trading following the news. The earnings report, originally scheduled for Tuesday, has been rescheduled for December 11.
The company emphasizes its commitment to ethical conduct and the ongoing investigation. Macy’s CEO, Tony Spring, stated that despite the investigation, the company remains focused on serving customers and preparing for the holiday season.