Macy's says employee 'intentionally' hid up to $154M in expenses

Published On Nov 25, 2024, 12:16 PM

Macy's has postponed its third-quarter earnings report after discovering a significant accounting issue where an employee hid $154 million in delivery expenses. This has raised concerns about the retailer's financial integrity and transparency. The company missed Wall Street's revenue expectations for the quarter, reporting $4.74 billion in sales compared to an anticipated $4.77 billion. The investigation into the matter is ongoing, and further financial disclosures are expected in December.

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Stock Forecasts

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Negative

Given the significant accounting scandal, potential loss of investor confidence, and may indicate deeper issues within the company's financial controls, Macy's stock is likely to face downward pressure. Additionally, missing sales expectations point to weak demand, which could further harm investor sentiment.

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