Macy's executives are obligated to repay a total of $609,613 in bonuses after the company disclosed an $81 million overstatement in its earnings for 2023. The inflated financial metrics directly influenced the bonus calculations for the executives. Although Macy's has already reclaimed part of the amounts owed, they plan to continue recovering the remaining funds in the next fiscal year. The scandal, which involved hidden expenses and failures in internal controls, has led to revisions in the company's reported net income by 57% lower than initially reported.
Macy's executives will have to reimburse over $600,000 in bonuses due to an $81 million earnings overstatement, significantly impacting reported financial metrics.
The retailer's inflated earnings led to excessive bonus payments, prompting the company to recover $352,093 of erroneously awarded compensation and seek the remainder.
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