Macy's Stock News

Macy's is grappling with the fallout from an internal investigation into an employee who allegedly concealed $132 million to $154 million in expenses over several years. The individual, tasked with managing small-package delivery expense accounting, made fraudulent accounting entries that masked the discrepancies, the retail chain said in a press release Monday.

Macy's said it discovered an employee intentionally made accounting errors totaling $132 to $154 million. Auditing experts told BI the available evidence suggests a failure of internal accounting controls.

A Macy's employee intentionally hid up to $154 million in delivery expenses over the past three years. Investors have a lot of questions.

Macy's says it will push back its third-quarter earnings report after discovering an employee "intentionally" hid as much as $154 million in shipping expenses.

“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,” said Macy's CEO Tony Spring.

Largest US department store chain delays release of quarterly earnings report to investigate ‘erroneous accounting entries'

The retailer delayed its quarterly results after it said an employee hid up to $154 million in delivery expenses over several years, prompting an investigation.

Macy's stock is lower Monday after the retailer said it delayed its third-quarter results after finding a major accounting error linked to a single employee. Here's what you need to know.