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 touted metric manipulated by employee, Bloomberg reports
Macy’s (M) touted for years its ability to boost profits by cutting delivery costs and trimming other expenses before revealing this week that
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 delivery expenses over several years, prompting an investigation.
Macy's says employee 'intentionally' hid up to $154M in expenses
Macy's says it will push back its third-quarter earnings report after discovering an employee "intentionally" hid as much as $154 million in shipping expenses.
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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 ...
How did a Macy’s worker conceal up to $154 million in fake expenses? Experts weigh in
Macy’s is in crisis mode after disclosing that an employee cooked the books for years, using unethical accounting practices ...