Macy’s confirms rogue employee hid $151 million in expenses over three years
Macy's said Wednesday that a rogue employee was in charge of concealing $151 million in delivery costs over almost three years.
The department store chain claimed in a statement that accompanied its quarterly earnings results that one employee in charge of small-package delivery expense accounting purposefully made false cost entries from the fourth quarter of 2021 to the third quarter of 2024. According to a regulatory filing made by Macy's on Wednesday morning, the employee also fabricated supporting documentation.
When the matter was initially made public last month, Macy's estimated that the number of incorrect entries was between $132 million and $154 million. Macy's shares fell after the disclosure, which resulted in a two-week delay in the company's quarterly results.
In a statement...