Article originally appeared on www.zerohedge.com.
Macy’s reported its financial results for the third quarter on Wednesday and slashed its outlook after concluding an investigation into an employee who intentionally hid $151 million in delivery expenses from the fourth quarter of 2021 through the third quarter of this year.
During an earnings call on Wednesday morning, Macy’s CEO Tony Spring told investors that “integrity is paramount at Macy’s,” adding, “The responsible individual is no longer with the company, following discovery of their actions.”
Spring continued, “We’ve also identified and begun to implement additional controls to be a stronger and more disciplined organization so that an action like this could not happen again.”
In late November, Macy’s delayed its third-quarter report due to an investigation and forensic analysis that specified a “single employee with responsibility for small package delivery expense accounting intentionally made erroneous accounting accrual entries to hide approximately $132 to $154 million …
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