For the past three years, one Macy’s employee hid over $100 million in delivery expenses from the company.
Macy’s was supposed to release its third-quarter earnings on Tuesday but stated in a press release on Monday that it has decided to delay the release and its accompanying conference call to December 11 to wrap up an independent investigation into the issue.
In a statement, Macy’s said that the employee handled small package delivery expense accounting and “intentionally” made inaccurate accounting entries for delivery expenses stretching from the fourth quarter of 2021 to November 2, 2024. The errors amounted to $132 million to $154 million while overall delivery expenses were about $4.36
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