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

  • Macy's delayed its quarterly earnings report due to accounting irregularities caused by an employee hiding $154 million in expenses over nearly three years.
  • The employee, no longer with the company, "intentionally made erroneous accounting accrual entries" to conceal delivery expenses.
  • Macy's expects to report third-quarter results by December 11, with no impact on cash management or vendor payments noted.
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Bias Distribution

  • 48% of the sources are Center
48% Center
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