Macy's Delays Earnings After Employee Hid $154 Million Over 3 Years; Stock Falls 8%

Nov 25, 2024, 02:03 PM

Macy's has delayed the release of its third-quarter earnings after discovering that a single employee intentionally hid $132 million to $154 million in delivery expenses over nearly three years, from the fourth quarter of 2021 through the third quarter of 2024. The company is conducting an independent forensic investigation into the accounting irregularities. Preliminary Q3 revenue was reported at $4.74 billion, meeting expectations, with comparable sales declining by 2.4%. Following the announcement, Macy's stock fell as much as 8% in premarket trading.