(NewsNation) — A Macy’s employee allegedly hid up to $154 million in expenses, according to the company.
The retail giant, which also operates Bloomingdale’s, made the revelation in a press release detailing its preliminary third-quarter results of 2024.
In Monday’s release, Macy’s said the employee “intentionally made erroneous accounting accrual entries to hide approximately $132 to $154 million of cumulative delivery expenses from the fourth quarter of 2021 through fiscal quarter ended November 2, 2024.”
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The finding occurred via an independent investigation which found the employee was responsible for “small package delivery accounting expense accounting.”
Macy’s said there’s no indication that the erroneous accounting accrual entries had any impact on its cash management activities or vendor payments.
The company added that the person behind the conduct is no longer an employee and that the investigation didn’t identify involvement by any other worker.
“At Macy’s Inc., we promote a culture of ethical conduct,” Chairman and CEO Tony Spring said in a statement.
“While 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.”
