Macy's discovered that an employee concealed up to $154 million in expenses over three years, delaying the quarterly earnings report scheduled for release.
The company emphasized the irregularities stemmed from a single employee who made false accounting entries to hide minor package delivery costs.
CEO Tony Spring stated that they promote a culture of ethical conduct and are focused on completing the investigation swiftly, ensuring operational stability.
Despite the accounting irregularities, Macy's confirmed there was no impact on cash management activities or vendor payments, addressing concerns of financial instability.
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