An independent investigation and forensic analysis found that a Macy’s employee intentionally made accounting accrual entries to hide up to $154 million of expenses
Macy’s reported weaker-than-expected preliminary sales for the fiscal third quarter and said it’s delaying the release of its quarterly earnings results after it discovered an up to $154 million accounting-related issue.
The department store chain, which also operates Bloomingdale’s and Bluemercury cosmetics chain in addition to its namesakes stores, was expected to report quarterly results on Tuesday.
The retailer said Monday that it identified an issue related to delivery expenses in one of its accrual accounts earlier this month. An independent investigation and forensic analysis found that a single employee with responsibility for small package delivery expense accounting intentionally made erroneous accounting accrual entries to hide roughly $132 million to $154 million of expenses from the fourth quarter of 2021 through the fiscal quarter ended November 2.
