Macy’s Says Employee Hid Up to $154 Million in Delivery Expenses

The retail giant allegedly discovered accounting fraud by a single employee and delayed its Q3 earnings report to complete an investigation.

A Macy’s store in the Fashion Centre at Pentagon City shopping mall in Arlington, Va., on Jan 3, 2024. Madalina Vasiliu/The Epoch Times

Macy’s Inc. announced on Nov. 25 that it is delaying the release of its third-quarter earnings after uncovering that an employee intentionally hid between $132 million and $154 million in delivery expenses over several quarters.

The discovery was made during the preparation of the company’s unaudited financial statements for the fiscal quarter ended Nov. 2.