Macy's revealed that an employee manipulated accounting entries to conceal approximately $154 million in delivery expenses, causing a delay in its earnings report and impacting share prices.
The company is experiencing significant challenges, evidenced by the closure of 50 stores in 2024, which highlights the impact of the shift toward online retail on their business.
Despite the substantial amount involved, Macy's has not provided detailed information on how a single employee managed to hide these expenses for almost two years, raising concerns over internal controls.
The fraudulent expenses accounted for about 3% of the company's $4.36 billion in delivery costs, demonstrating the difficulty in detecting such discrepancies in larger financial figures.
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