Startup DreamersStartup Dreamers
  • Home
  • Startup
  • Money & Finance
  • Starting a Business
    • Branding
    • Business Ideas
    • Business Models
    • Business Plans
    • Fundraising
  • Growing a Business
  • More
    • Innovation
    • Leadership
Trending

Dana White’s Huge Jon Jones Announcement Makes 3 Things Very Clear

June 22, 2025

Why New Tax Rules Could Be a Game Changer for Your Business

June 22, 2025

Take These 3 Steps to Shorten Your Sales Cycle

June 22, 2025
Facebook Twitter Instagram
  • Newsletter
  • Submit Articles
  • Privacy
  • Advertise
  • Contact
Facebook Twitter Instagram
Startup DreamersStartup Dreamers
  • Home
  • Startup
  • Money & Finance
  • Starting a Business
    • Branding
    • Business Ideas
    • Business Models
    • Business Plans
    • Fundraising
  • Growing a Business
  • More
    • Innovation
    • Leadership
Subscribe for Alerts
Startup DreamersStartup Dreamers
Home » Macy’s Confirms Employee Hid $151 Million Through Accounting Errors
Money & Finance

Macy’s Confirms Employee Hid $151 Million Through Accounting Errors

adminBy adminDecember 16, 20240 ViewsNo Comments3 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email

In November, Macy’s delayed the release of its third-quarter earnings after discovering that an employee hid around $151 million in delivery expenses over three years from the company.

The company launched an independent investigation, which Macy’s announced Wednesday has concluded.

In an SEC filing, Macy’s noted that its independent investigation found that “a single employee with responsibility for small package delivery expense accounting intentionally made erroneous accounting accrual entries and falsified underlying documentation.”

“We’ve concluded our investigation and are strengthening our existing controls and implementing additional changes designed to prevent this from happening again and demonstrate our strong commitment to corporate governance,” CEO Tony Spring said, in a statement. “Our focus is on ensuring that ethical conduct and integrity are upheld across the entire organization.”

Last month, Macy’s said that the employee handled small package delivery expense accounting and “intentionally” made inaccurate accounting entries for delivery expenses stretching from the fourth quarter of 2021 to November 2, 2024. The errors amounted to $132 million to $154 million while overall delivery expenses were about $4.36 billion. Macy’s stated that the person’s actions did not affect payments to vendors and involved no other staff members.

Related: Meta Fires Employee Making $400,000 Per Year Over a $25 Meal Voucher Issue

Macy’s did not add any additional information except noting that the employee is no longer at the company. NBC reports that sources “familiar with the investigation” said that the employee told investigators that one initial mistake led to a series of “intentional” errors to hide the first one.

Macy’s did not disclose when they left the position.

On the company’s Q3 earnings call Wednesday, Spring said the investigation found the employee “acted alone and did not pursue these acts for personal gain.”

Macy’s store in Manhattan. Photo by Beata Zawrzel/NurPhoto via Getty Images

Macy’s found out about the errors while preparing its financial statement for the quarter ending November 2. It uncovered who the employee was through an independent investigation and forensic analysis.

Macy’s stock plunged Wednesday, as the company announced that quarterly sales fell 2.4% to $4.7 billion. Still, it raised its full-year sales forecast, projecting between $22.3 billion to $22.5 billion compared to the $22.1 billion to $22.4 billion previously announced.

The company’s higher end stores, Bloomingdale’s and Bluemercury, saw an increase in sales, at 1% and 3.3%, respectively.

Related: Macy’s Is Cutting Jobs and Closing Locations Amid a Leadership Shakeup — Is Your Local Store on the Chopping Block?

Read the full article here

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Articles

Why New Tax Rules Could Be a Game Changer for Your Business

Money & Finance June 22, 2025

What Is ‘Doom Spending’ and Which Generation Falls for It?

Money & Finance June 20, 2025

Mom’s Side Hustle Made $30k in 2 Months, Then $500k a Year

Money & Finance June 19, 2025

Best U.S. Cities for Jobs That Afford Comfortable Lifestyles

Money & Finance June 17, 2025

Why Every Small Business Owner Should Consider Real Estate — Even Without Deep Pockets

Money & Finance June 15, 2025

Inside ‘Culture Shock’ at Goldman Sachs, ‘Black Capitalism’

Money & Finance June 14, 2025
Add A Comment

Leave A Reply Cancel Reply

Editors Picks

Dana White’s Huge Jon Jones Announcement Makes 3 Things Very Clear

June 22, 2025

Why New Tax Rules Could Be a Game Changer for Your Business

June 22, 2025

Take These 3 Steps to Shorten Your Sales Cycle

June 22, 2025

I’m So Glad My Company Never Went Viral — Here’s Why

June 22, 2025

This AI Model Never Stops Learning

June 22, 2025

Latest Posts

Answer Engine Optimization (AEO) — What Brands Need To Know

June 20, 2025

What Is ‘Doom Spending’ and Which Generation Falls for It?

June 20, 2025

How to Build a Tech-Forward Company That Lasts

June 20, 2025

Still Saying ‘I’ll Just Do It’? That’s Why You’re Stuck

June 20, 2025

Companies Warn SEC That Mass Deportations Pose Serious Business Risk

June 20, 2025
Advertisement
Demo

Startup Dreamers is your one-stop website for the latest news and updates about how to start a business, follow us now to get the news that matters to you.

Facebook Twitter Instagram Pinterest YouTube
Sections
  • Growing a Business
  • Innovation
  • Leadership
  • Money & Finance
  • Starting a Business
Trending Topics
  • Branding
  • Business Ideas
  • Business Models
  • Business Plans
  • Fundraising

Subscribe to Updates

Get the latest business and startup news and updates directly to your inbox.

© 2025 Startup Dreamers. All Rights Reserved.
  • Privacy Policy
  • Terms of use
  • Press Release
  • Advertise
  • Contact

Type above and press Enter to search. Press Esc to cancel.

GET $5000 NO CREDIT