Macy's delays earnings report due to a $154 million expense cover-up by a former employee.

Macy's has delayed its third-quarter earnings report after discovering that one of its employees hid up to $154 million in delivery expenses over several years. The employee, who is no longer with the company, made false entries to cover these expenses. This delay, along with weaker-than-expected sales, has caused the company's shares to drop. The full quarterly report is now set for December 11.

November 25, 2024
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