Days before Macy's is set to take center stage for its annual Thanksgiving Day Parade, the department store chain this week revealed a years-long accounting debacle unlikely to inspire gratitude among shoppers and shareholders. A former employee ...

The company said that a single employee "intentionally" made incorrect accounting entries from the fourth quarter of 2021 (Q4 2021) through Q3 2024.

The employee "intentionally made erroneous accounting accrual entries" to hide millions of dollars, Macy's said. The error forced the company to delay reporting its third-quarter results.

Macy's postponed its Q3 earnings after an investigation revealed that an employee concealed between $132 million and $154 million in expenses.

Macy’s says it’s delaying the release of its fiscal third-quarter earnings results after it discovered an up to $154 million accounting-related issue

For years, Macy’s Inc.’s touted its ability to boost profits by cutting delivery costs and trimming other expenses on calls with Wall Street analysts. Then on Monday, the department store chain surprised investors by revealing that those very costs had become the source of an internal investigation into what the company has described as a multimillion-dollar employee plot to manipulate the metrics.

Macy’s is in crisis mode after disclosing that an employee cooked the books for years, using unethical accounting practices to hide well over $100 million in phony expenses. On Monday, the retailer announced it would delay the full release of its third-quarter earnings,

Macy's announced an employee has "hid" up to $154 million, prompting the U.S. department store chain to delay the release of its third-quarter earnings report.