Macy's, Inc. (NYSE: M ), one of the prominent department store operators around, witnessed a changing of the guard earlier in February this year. After close to 7 years at the helm (and 4 decades inAnalyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Al ...

LOS ANGELES, Nov. 26, 2024 /PRNewswire/ -- The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of Macy's, Inc. ("Macy's" or "the Company") (NYSE: M) for violations of the securities laws.The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. Macy's is the subject of an Associated Press article published on November 25, 2024. Accord ...

Shares of Macy’s (M) fell 2.2% during the trading session yesterday, as investors digested the news of a delay in fiscal third-quarter 2024 earnings release. The delay is related to the discovery of accounting irregularities for delivery expenses.An investigation revealed that a former employee intentionally hid about $132 million to $154 million in delivery costs between the fourth quarter of fiscal 2021 and the third quarter of fiscal 2024. During this period, the company reported approximately $4.36 bill ...

Accounting Error and Internal Control Breakdown - Macy's discovered an employee intentionally made accounting errors totaling $132 to $154 million over three years [1][3] - The error represents less than 5% of the $4.36 billion spent on small package delivery expenses during the same period [5] - The company fired the responsible employee and launched an investigation [4] Internal Control and Audit Issues - Auditing experts suggest a failure of internal accounting controls, as the issue should have been caught earlier [1][3] - The accounting profession relies on individuals' personal commitment to truth-telling, but stronger internal controls could reduce reliance on individual choices [11] - Macy's auditor, KPMG, faces pressure to demonstrate appropriate scrutiny of the company's accounting practices and controls [13] Impact on Earnings and Disclosure - Macy's delayed its quarterly earnings release due to the accounting error discovery [3][7] - The company's next update is scheduled for December 11 [7] - Some experts argue that Macy's may have disclosed more than required by delaying earnings and announcing the issue [8] Historical Context and Industry Implications - This is Macy's first major accounting issue since 2006, when the company restated financials due to a "cash flow classification" [6] - The Sarbanes-Oxley Act regulations aim to catch such mistakes earlier and provide avenues for audit firms to issue warnings about company controls [12] - Experts suggest that Macy's may face a material weakness in internal controls due to this incident [13]

Macy's Inc. says it will no longer release its full third-quarter earnings report this week as planned, after discovering an employee "intentionally" hid up to $154 million in expenses. The retailer had been slated to release its report on Tuesday morning, but instead posted preliminary findings on Monday that showed it missed Wall Street expectations. The department store chain said that in preparing its financial statements for the quarter, it discovered something was off with its delivery expenses in one ...

Macy’s said a rogue employee intentionally concealed as much as $154 million in expenses over the past few years, forcing the department-store giant to delay its quarterly earnings release.The employee “intentionally made erroneous accounting” entries in an effort to hide expenses for years — dating back to the fourth quarter of 2021 through the most recent quarter ended Nov. 2, the company said.Macy’s estimates the missing expenses between $132 million and $154 million. During the three-year period in ques ...

Macy’s has delayed its earnings call after discovering a multimillion-dollar “intentional” employee accounting error.That employee, the retailer said in a securities filing Monday (Nov. 25) had hidden at least $132 million in delivery expenses over a nearly three-year period.According to the filing, this employee — who no longer works for the company — “intentionally made erroneous accounting accrual entries” to conceal between $132 million and $154 million of delivery expenses between Macy’s fourth quarter ...

Key TakeawaysMacy's stock retreated Monday morning after the retailer said it would delay its third-quarter earnings report from the originally scheduled Tuesday release.An employee hid at least $132 million in accounting expenses over the last three years, Macy's said Monday.Macy's preliminary third-quarter sales also came in below estimates, with lower sales at Macy's offsetting gains at the company's other brands. Macy's (M) shares moved lower Monday morning after the retailer said its official third-qua ...

About this content About Oliver Haill Oliver has been writing about companies and markets since the early 2000s, cutting his teeth as a financial journalist at Growth Company Investor with a focusing on AIM companies and small caps, before a few years later becoming a section editor and then head of research. He joined Proactive after a couple of years freelancing, where he worked for the Financial Times Group, ITV, Press Association, Reuters sports desk, the London Olympic News Service, Rugby World Cup ...

A shopper carries a Macy's bag on Market Street in San Francisco, California, US, on Wednesday, Nov. 13, 2024.Macy's on Monday posted preliminary third-quarter results and said it would delay its full earnings release as it completes an investigation of an accounting issue.The company was slated to report its quarterly earnings before the opening bell on Tuesday.In a statement Monday, Macy's said its third-quarter sales fell 2.4% to $4.74 billion. Comparable sales for its owned and licensed stores plus its ...