Macy’s claims employee hid up to $154M in delivery expenses

Macy’s postponed its quarterly results after discovering an employee concealed up to $154 million in delivery expenses since 2021. The retailer announced the news on Monday.

The employee, who no longer works with the company, was responsible for small-package delivery accounting and allegedly made false bookkeeping entries. However, the company clarified that the individual did not profit from the misconduct.

To address the issue, Macy’s has delayed its full earnings report to December to complete an independent investigation. The company said no other employees were involved.

The news comes as Macy’s struggles with declining sales and prepares for the crucial holiday season, which is key for its business and reputation. The company’s stock is down 19% this year.

The retailer shared preliminary earnings on Monday and reported Macy’s comparable sales were down 3% last quarter, while Bloomingdale’s sales rose 1%. Bluemercury’s comparable sales rose 3.3%.

The company’s stock is down 19% this year.

Under CEO Tony Spring, Macy’s is working to boost sales by closing weak-performing stores and enhancing customer experience.