Macy's Employee Concealed $151 Million in Expenses Over Nearly Three Years, Company Plans Financial Overhaul Following Q3 Earnings Call

Macy's has confirmed that a single employee was responsible for concealing $151 million in delivery expenses over nearly three years. The retailer stated that the employee's actions were an attempt to cover up an initial mistake. In response to the scandal, Macy's has outlined a detailed plan to strengthen its internal financial controls to prevent similar issues in the future. This revelation came during a Q3 earnings call, which had been postponed due to the investigation. Additionally, Macy's has raised its profit expectations from property sales for 2025, signaling a potential recovery following the accounting scandal.