The magic of Macy’s was dulled on Monday after the retailer announced that quarterly sales were down—and one of its former employees had made a humongous accounting error on purpose.
Macy’s, a Fortune 500 company with a $4.34 billion market cap, announced Monday it would delay its third-quarter earnings release and conference call to allow for the completion of an investigation into an employee who “intentionally made erroneous accounting accrual entries,” hiding up to $154 million in delivery expenses from Q4 2021 through the fiscal quarter that ended Nov. 2. The employee is no longer working at Macy’s, according to the statement.
