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OAN Staff James Meyers
9:23 AM – Monday, November 25, 2024
Macy’s was forced to delay reporting its third-quarter earnings after it was revealed that an employee hid up to $154 million in expenses related to delivering small packages.
The retail store said on Monday, that it discovered the accounting issue on one of its accrual accounts while preparing its quarterly financial statements.
The former employee who allegedly hid the money is no longer with the company, the department store operator said on Monday morning, ahead of its third-quarter earnings report.
The fallacious entries ran from the fourth quarter of 2021 through the most recent period, according to the company. Macy’s said its delivery expenses totaled around $4.36 billion during that period.
The independent investigation hasn’t identified any other Macy’s employee, the company said.
“At Macy’s, Inc., we promote a culture of ethical conduct. While we work diligently to complete the investigation as soon as practicable and ensure this matter is handled appropriately, our colleagues across the company are focused on serving our customers and executing our strategy for a successful holiday season,” CEO Tony Spring said in a statement Monday morning.
Meanwhile, the announcement comes as Macy’s sales have continued to decline as consumer spending has been down due to inflation.
Its sales have slumped as the company has underperformed for the past decade. In February, the retail chain said it would close 150 stores nationwide in a reorganization initiative to focus on luxury sales.
The move now leaves a total of 350 Macy’s locations, as well as Bloomingdale’s and Bluemercury beauty and skin care stores, which the company said have been “outperformers” within Macy’s portfolio.
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