Macy's Delays Earnings Report After Employee Hides $154M in Expenses

Macy’s Employee Million-Dollar Expenses: Inside the Financial Scandal

Ahead of the Thanksgiving holiday this year, Macy's made headlines after it was revealed that a former employee hid millions of dollars worth of expenses.

Macy’s says employee hid as much as $154M in expenses

Macy’s is delaying its third-quarter earnings release and conference call because of an employee’s intentional accounting errors, which could reach $154 million.

How did a Macy's worker conceal up to $154 million in fake expenses? Experts weigh in

The company has delayed its full third-quarter earnings report until Dec. 11.

Macy’s Says Accounting Worker Hid $154 Million in Expenses

When the Macy’s Thanksgiving Day Parade kicks off in Manhattan on Thursday, one former employee of the department store chain will be taking more than a holiday. Macy’s shocked markets Monday when it announced that, as it was preparing its third-quarter earnings report, it discovered a single worker hid up to $154 million in delivery expenses over the last three years. Those earnings, originally set to drop today, were delayed to December 11. Th…

Macy’s finds that employee hid $154 million in expenses, Q3 earning report is delayed

Iconic retailer 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, which sent its stock plummeting in early trading.  At midday Monday, Macy’s stock was trading at $15.68 a share, down 3.8% — it had traded as high as $22.10 within the last year. The department store chain was expected to report quarterly results on Tuesday; however, the retailer said th…

Macy's somehow didn't know that one of its employees was off on the bookkeeping by $154 million

Macy’s has revealed that a single employee intentionally hid as much as $154 million in business expenses over three years, presumably dashing the unnamed worker’s hope of ever becoming an employee of the month.  The department store said the employee was responsible for so many accounting irregularities that it was forced to delay its quarterly earnings report, as a huge chunk of expenses were hidden. Macy’s didn’t reveal why the worker intenti…