{"id":130116,"date":"2024-11-26T02:21:52","date_gmt":"2024-11-25T19:21:52","guid":{"rendered":"https:\/\/hotvideos24.online\/?p=130116"},"modified":"2024-11-26T02:21:52","modified_gmt":"2024-11-25T19:21:52","slug":"macys-says-an-employee-hid-up-to-154-million-in-expenses","status":"publish","type":"post","link":"https:\/\/hotvideos24.online\/?p=130116","title":{"rendered":"Macy&#8217;s says an employee hid up to $154 million in expenses"},"content":{"rendered":"<p> <script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-3711241968723425\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-layout-key=\"-fb+5w+4e-db+86\"\r\n     data-ad-client=\"ca-pub-3711241968723425\"\r\n     data-ad-slot=\"7910942971\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<\/p>\n<div>\n<p>Macy\u2019s reported stronger-than-expected sales for the third quarter and said it\u2019s delaying the release of its full quarterly results after it discovered an employee intentionally hid up to $154 million of expenses over several years.<\/p>\n<p>The department store chain, which also operates Bloomingdale\u2019s and Bluemercury cosmetics chain in addition to its namesakes stores, was expected to report quarterly results on Tuesday.<\/p>\n<p>The retailer said Monday that it identified an issue related to delivery expenses in one of its accrual accounts earlier this month. An independent investigation and forensic analysis found that a single employee with responsibility for small package delivery expense accounting intentionally made erroneous accounting accrual entries to hide roughly $132 million to $154 million of expenses from the fourth quarter of 2021 through the fiscal quarter ended November 2.<\/p>\n<p>The company recognized about $4.36 billion of delivery expenses during the same time period.<\/p>\n<p>Macy\u2019s said that there\u2019s no indication that the erroneous accounting accrual entries had any impact on its cash management activities or vendor payments. <\/p>\n<p>The company added that the person behind the conduct is no longer an employee and that the investigation didn\u2019t identify involvement by any other worker.<\/p>\n<p>Macy\u2019s said is it delaying reporting its third-quarter earnings results to complete an independent investigation. It anticipates reporting its full third-quarter financial results by Dec. 11.<\/p>\n<p>\u201cAt Macy\u2019s Inc., we promote a culture of ethical conduct,\u201d Chairman and CEO Tony Spring said in a statement. \u201cWhile we work diligently to complete the investigation as soon as practicable and ensure this matter is handled appropriately, our colleagues across the company are focused on serving our customers and executing our strategy for a successful holiday season.\u201d <\/p>\n<p>The company did provide some preliminary results for its third quarter, including that net sales fell 2.4% to $4.74 billion, slightly above the average analyst estimate of $4.72 billion. <\/p>\n<p>Macy\u2019s Inc.&#8217;s comparable sales \u2014 sales from established physical and online channels \u2014 were down 2.4%, excluding licensed businesses like cosmetics. By division, Macy\u2019s comparable sales were down 3%, while Bloomingdale\u2019s comparable sales rose 1%. Bluemercury\u2019s comparable sales rose 3.3%,<\/p>\n<p>Macy\u2019s so-called First 50 stores \u2013 which are the ones Macy\u2019s has renovated and put more effort into with extra customer service \u2014 produced a comparable sales gain of 1.9% in the latest quarter.<\/p>\n<p>Shares fell 3.3%, or 53 cents, to $15.77 in afternoon trading Monday.<\/p>\n<h2>__<\/h2>\n<p>AP Retail Writer Anne D\u2019Innocenzio in New York contributed to this report. <\/p>\n<h2>___<\/h2>\n<p>This story has been corrected to show that quarterly sales were better than expected, not worse. <\/p>\n<\/p><\/div>\n<p><script>\n  window.fbAsyncInit = function() {\n      FB.init({\n              appId : '870613919693099',\n          xfbml : true,\n          version : 'v2.9'\n      });\n  };\n  (function(d, s, id){\n     var js, fjs = d.getElementsByTagName(s)[0];\n     if (d.getElementById(id)) {return;}\n     js = d.createElement(s); js.id = id;\n     js.src = \"https:\/\/connect.facebook.net\/en_US\/sdk.js\";\n     fjs.parentNode.insertBefore(js, fjs);\n   }(document, 'script', 'facebook-jssdk'));\n<\/script><br \/>\n<br \/><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-3711241968723425\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-layout-key=\"-fb+5w+4e-db+86\"\r\n     data-ad-client=\"ca-pub-3711241968723425\"\r\n     data-ad-slot=\"7910942971\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<br \/><div data-type=\"_mgwidget\" data-widget-id=\"1660802\">\r\n<\/div>\r\n<script>(function(w,q){w[q]=w[q]||[];w[q].push([\"_mgc.load\"])})(window,\"_mgq\");\r\n<\/script>\r\n<br \/>\n<br \/><a href=\"https:\/\/apnews.com\/article\/macys-accounting-quarter-b1cb0927d9b6a58ee4396838df7973c9\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Macy\u2019s reported stronger-than-expected sales for the third quarter and said it\u2019s delaying the release of its full quarterly results after it discovered an employee intentionally hid up to $154 million &hellip; <a href=\"https:\/\/hotvideos24.online\/?p=130116\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-130116","post","type-post","status-publish","format-standard","hentry","category-business","entry"],"_links":{"self":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts\/130116","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=130116"}],"version-history":[{"count":0,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts\/130116\/revisions"}],"wp:attachment":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=130116"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=130116"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=130116"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}