Macy’s profit and sales slumped in the third quarter with many customers of the department store chain continuing to divert spending to basics like groceries as they deal with broadly higher prices.

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Macy’s provides more details about that employee who hid more than $150 million worth of expenses

Macy's profit and sales declined in the third quarter as the department store chain wrestled with cautious spending by customers, rising competition and sluggish demand for cold-weather goods.

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Macy's third quarter profit and sales slide and so do its shares

Macy’s is reporting a decline in profits and sales for its third quarter with many customers of the department store chain continuing to divert spending to basics like groceries amid elevated prices

abc News

The Walt Disney Company

Macy's offers a mixed outlook after reporting third quarter profit and sales declines

Company concluded investigation into former employee who intentionally concealed costs, and accounting failure will have an annual impact of US$ 79 million on gross margin and adjusted earnings per share

Empresa concluiu investigação sobre ex-funcionário que, intencionalmente, escondeu custos, e falha contábil terá impacto anual de US$ 79 milhões na margem bruta e nos lucros ajustados por ação

Ações da Macy's caem após lucro ser atingido por erro contábil

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Roberto Irineu Marinho

Brazil

Macy's shares fall after profit is hit by accounting error

By David Goldman, CNN (CNN) — Macy’s said Wednesday that it has concluded its investigation into an employee who intentionally hid more than $150 million in expenses, and it has tightened its controls to avoid a repeat of the embarrassing problem. The troubled retailer said its investigation revealed a single, unnamed accounting employee—who was responsible for keeping tabs on small package delivery expenses— intentionally entered erroneous acco…

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The department store operator slightly raised its full-year forecast, while still projecting a sales decline.

CNBC

Roberts family

Macy's ends delivery expense investigation, saying employee hid $151 million

Macy's uncovered $151M in falsely recorded expenses due to one employee's misconduct. The company is working to regain trust and improve operations.

Benzinga

New York

Macy's Employee Hid $151 Million In Costs Over Several Years - Macy's (NYSE:M)

Macy’s Inc. trimmed its profit outlook after concluding its investigation into an employee plot to hide millions of dollars in expenses.

Bloomberg

Michael Bloomberg

The Vanguard Group

Howard Buffett

BlackRock

Macy’s Shares Fall After Profit Hit by Accounting Error

NEW YORK (AP) — Macy’s said Wednesday that it has tightened internal financial accounting measures after completing a probe of a rogue employee who hid $151 million in delivery expenses over a span of nearly three years.  A probe into the coverup forced Macy’s to postpone the release of its full third-quarter earnings report late last month.  The intention of the employee was to cover up the mistake and not to steal the money, Chairman and CEO T…

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Macy’s third quarter profit and sales slide and so do its shares

Macy's profit and sales slumped in the third quarter with many customers of the department store chain continuing to divert spending to basics like groceries as they deal with broadly higher prices. The New York retailer which owns upscale Bloomingdale’s and the cosmetics chain Bluemercury raised sales expectations for the year, but lowered profit projections, sending shares plunging 10% before the opening bell. Macy's quarterly financial report…

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NEW YORK (AP) — Macy’s reported a decline in profits and sales for its third quarter with many customers of the department store chain continuing to divert spending to basics like groceries amid elevated prices.  The company, which also owns upscale Bloomingdale’s and the cosmetics chain Bluemercury, raised its annual sales expectations, but lowered profit projections citing the uncertain economic environment. Shares of Macy’s Inc., based in New…

Macy’s third quarter profit and sales slide and so do its shares

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