Macy's Investigation Reveals Hidden Expenses Impact

Macy's has completed an internal investigation revealing that a single accounting employee intentionally hid $151 million in delivery expenses over nearly three years, causing a delay in their quarterly earnings report. Macy's CEO Tony Spring announced enhanced controls and corporate governance measures to prevent future occurrences. Despite the financial misreporting, the adjustments were not deemed material to Macy's financial results. The company posted Q3 earnings of $0.04 per share, missing expectations, and reported revenues slightly above estimates at $4.74 billion. Macy's shares have declined significantly this year, and the company is focusing on ethical conduct and integrity while navigating broader challenges and investor pressures. Additionally, Macy's has adjusted its full-year sales forecast, anticipating a decline in net sales compared to the previous year.