19 sources·Business

Macy's Delays Earnings Release Amid Investigation of Concealed Delivery Expenses

Macy's delays its earnings report due to an investigation revealing over $130 million concealed in delivery expenses by a rogue employee.

26%

47%

26%

The distribution of story sources: left-leaning (blue), center (light gray), and right-leaning (red).

Mostly Reliable

The underlying sources are generally reliable but sometimes include opinion, propaganda, or minor inaccuracies.

Balanced

The underlying sources are either a balanced mix of left and right or primarily centrist.

Subscribe to unlock this story

We really don't like cutting you off, but you've reached your monthly limit. At just $3/month or $30/year, subscriptions are how we keep this project going. Start your free 7-day trial today!

Get Started

No highlights available for this story.

Updated: Nov 25th, 2024, 2:27 PM ET

Summary

A summary of the key points of this story verified across multiple sources.

Macy's announced a delay in its fiscal third-quarter earnings report to December 11 as it investigates an employee's misconduct that hid $132 to $154 million in delivery expenses over nearly three years. The forensic investigation found that the employee mismanaged accounting entries related to small package deliveries, although there was no impact on cash management or vendor payments. Preliminary results show a 2.4% decline in sales to $4.74 billion. The company emphasizes its commitment to ethical conduct while focusing on its holiday strategy.

Perspectives

Compare opinions on this story from liberal (Left), conservative (Right) or center-leaning news organizations.

No center-leaning sources available for this story.

History

A summary of how this story has evolved over the last 24 hours.