US EditionMacy’s third quarter profit and sales slide and so do its shares
- An internal audit revealed an employee at Macy’s hid over $150 million in expenses, raising concerns about financial oversight.
- Macy’s is implementing measures to enhance its financial controls following the discovery.
- The company’s leadership expressed shock at the magnitude of the situation, and investigations continue to assess the full extent of the misconduct.
46 Articles
46 Articles
Macy’s Is Staffing Up in Its Top Shoe Departments — And Customers Are Responding
Macy’s is adding staff to its women’s shoes and handbags departments in an effort to improve sales. On the company’s third quarter earnings conference call, chairman and chief executive officer of Macy’s, Inc. Tony Spring told analysts that the retailer has been testing this initiative at about 100 locations. “Having dedicated runners to get shoes from the stock room and salespeople available to assist in handbags allows our colleagues to spend …
Company concluded investigation into former employee who intentionally concealed costs, and accounting failure will have an annual impact of US$ 79 million on gross margin and adjusted earnings per share
Macy’s provides more details about that employee who hid more than $150 million worth of expenses
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. “We’ve concluded our investigation and are strengthening our existing controls and implementing additional changes designed to prevent this from happening again and demonstrate our strong commitment to…
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