Macy’s says employee hid up to $154 million in expenses, delaying Q3 earnings
Macy’s reported stronger-than-expected sales for the third quarter and said it’s delaying the release of its full quarterly results after it discovered an employee intentionally hid up to $154 million of expenses over several years.
Macy's delays earnings to complete investigation into a worker hiding over $130 million in expenses
Macy's postponed its Q3 earnings after an investigation revealed that an employee concealed between $132 million and $154 million in expenses.
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.
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 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.
Bloomberg Businessweek: Macy’s Delays Earnings
Carol Massar and Tim Stenovec bring together the latest news from the world of business and finance and the interesting stories.
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 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 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 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 $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 ...
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Macy’s Worker Accused of Hiding Up to $154 Million in Expenses
The image shows the Macy's logo on a building, featuring a large red star and the name "macy's" in black letters. A ...
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 ...
Macy’s Thanksgiving Day Parade Broadcast Rights Leap to Potential $60 Million Price Tag for NBC | Report
The Peacock network has aired the annual event since 1953 and currently pays $20 million The post Macy’s Thanksgiving Day ...
Forecasters: Rain likely for Macy's Thanksgiving Day Parade
Forecasters say the rain could begin as early as Wednesday night or slightly before daybreak and carry on into the morning ...
Macy's says an employee hid up to $154 million in expenses
Macy's delays its quarterly earnings report after discovering that an accounting unit employee concealed delivery expenses.
5 Things to Know About Macy’s $100 Million Accounting Issue
A Macy’s employee intentionally hid up to $154 million in delivery expenses over the past three years. Investors have a lot ...