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Rogue employee at Macy's intentionally ‘hid' up to $154M in expenses
MMacy's(M) New York Post·2024-11-25 17:16

Macy’s said a rogue employee intentionally concealed as much as 154millioninexpensesoverthepastfewyears,forcingthedepartment−storegianttodelayitsquarterlyearningsrelease.Theemployee“intentionallymadeerroneousaccounting”entriesinanefforttohideexpensesforyears—datingbacktothefourthquarterof2021throughthemostrecentquarterendedNov.2,thecompanysaid.Macy’sestimatesthemissingexpensesbetween154 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 ...