Macy's gives update on employee who hid $151M

Published On Dec 11, 2024, 11:16 AM

Macy's disclosed that an employee concealed around $151 million in delivery expenses over the past three years. This was revealed during an internal investigation, which confirmed that the loss did not impact the company's cash flows or vendor payments. Following the incident, Macy's vowed to strengthen its internal controls to avoid such issues in the future. Despite this, the company has faced challenges, including a recent decline in sales and a downward revision of its earnings forecast, reflecting ongoing struggles in the retail sector.

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Stock Forecasts

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Negative

Given the recent performance issues, management's admission of fraud, and the downward revision in earnings projections, sentiment around Macy's may remain negative. The company is also under pressure from investors for better operational performance. Therefore, I predict further decline in stock prices as confidence wanes in the company's direction and operational effectiveness.

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