Macy's disclosed that an employee used unethical accounting practices, hiding over $100 million in expenses, leading to a delay in third-quarter earnings report.
According to Macy's, the employee responsible for the erroneous accounting entries is no longer with the company, having concealed a significant amount of delivery expenses.
CFO Adriana Carpenter suggested that the accountant manipulated transaction coding to misrepresent expenses, affecting profit and loss statements without impacting cash flows.
CEO Tony Spring emphasized Macy's commitment to ethical conduct and the thorough investigation they are undertaking to resolve the situation appropriately.
Collection
[
|
...
]