Advertisement Macy's said it discovered an employee intentionally made accounting errors totaling $132 to $154 million.Auditing experts told BI the available evidence suggests a failure of internal accounting controls.They said the issue should have been caught much earlier —regardless of any single employee's intent.In accounting as in air travel, a common saying applies: "If you see something, say something."Following the news that Macy's discovered a sizable error in its financial records, auditing expe ...

Macy's Inc. says it will no longer release its full third-quarter earnings report this week as planned, after discovering an employee "intentionally" hid up to $154 million in expenses. The retailer had been slated to release its report on Tuesday morning, but instead posted preliminary findings on Monday that showed it missed Wall Street expectations. The department store chain said that in preparing its financial statements for the quarter, it discovered something was off with its delivery expenses in one ...

Macy’s said a rogue employee intentionally concealed as much as $154 million in expenses over the past few years, forcing the department-store giant to delay its quarterly earnings release.The employee “intentionally made erroneous accounting” entries in an effort to hide expenses for years — dating back to the fourth quarter of 2021 through the most recent quarter ended Nov. 2, the company said.Macy’s estimates the missing expenses between $132 million and $154 million. During the three-year period in ques ...

Macy’s has delayed its earnings call after discovering a multimillion-dollar “intentional” employee accounting error.That employee, the retailer said in a securities filing Monday (Nov. 25) had hidden at least $132 million in delivery expenses over a nearly three-year period.According to the filing, this employee — who no longer works for the company — “intentionally made erroneous accounting accrual entries” to conceal between $132 million and $154 million of delivery expenses between Macy’s fourth quarter ...

Key TakeawaysMacy's stock retreated Monday morning after the retailer said it would delay its third-quarter earnings report from the originally scheduled Tuesday release.An employee hid at least $132 million in accounting expenses over the last three years, Macy's said Monday.Macy's preliminary third-quarter sales also came in below estimates, with lower sales at Macy's offsetting gains at the company's other brands. Macy's (M) shares moved lower Monday morning after the retailer said its official third-qua ...

About this content About Oliver Haill Oliver has been writing about companies and markets since the early 2000s, cutting his teeth as a financial journalist at Growth Company Investor with a focusing on AIM companies and small caps, before a few years later becoming a section editor and then head of research. He joined Proactive after a couple of years freelancing, where he worked for the Financial Times Group, ITV, Press Association, Reuters sports desk, the London Olympic News Service, Rugby World Cup ...

A shopper carries a Macy's bag on Market Street in San Francisco, California, US, on Wednesday, Nov. 13, 2024.Macy's on Monday posted preliminary third-quarter results and said it would delay its full earnings release as it completes an investigation of an accounting issue.The company was slated to report its quarterly earnings before the opening bell on Tuesday.In a statement Monday, Macy's said its third-quarter sales fell 2.4% to $4.74 billion. Comparable sales for its owned and licensed stores plus its ...

Wall Street analysts expect Macy's (M) to post quarterly loss of $0.01 per share in its upcoming report, which indicates a year-over-year decline of 104.8%. Revenues are expected to be $4.72 billion, down 2.9% from the year-ago quarter.The consensus EPS estimate for the quarter has undergone a downward revision of 1.2% in the past 30 days, bringing it to its present level. This represents how the covering analysts, as a whole, have reassessed their initial estimates during this timeframe.Prior to a company' ...

Myriad Uranium's Drilling at Copper Mountain Continues to Validate Historic Drill Results and Return High Grade Intercepts across the Canning DepositNovember 14, 2024 7:30 AM EST | Source: Myriad Uranium Corp.Vancouver, British Columbia--(Newsfile Corp. - November 14, 2024) - Myriad Uranium Corp. (CSE: M) (OTCQB: MYRUF) (FSE: C3Q) ("Myriad" or the "Company") is pleased to announce further results of equivalent uranium (eU3O8) grades from drilling at the Copper Mountain Uranium Project in Wyomi ...

Macy's (M) closed the most recent trading day at $15.27, moving -0.46% from the previous trading session. The stock's performance was behind the S&P 500's daily gain of 0.41%. On the other hand, the Dow registered a gain of 0.69%, and the technology-centric Nasdaq increased by 0.8%.Heading into today, shares of the department store operator had lost 0.2% over the past month, outpacing the Retail-Wholesale sector's loss of 1.22% and the S&P 500's loss of 0.97% in that time.Investors will be eagerly watching ...