Reported about 7 hours ago
Macy's Inc. has revised its profit outlook downward after revealing an accounting error involving an employee who concealed millions in delivery expenses. The misrepresentation is expected to impact the company with a full-year loss of $79 million in gross margins and adjusted earnings per share, leading to a revised earnings forecast of $2.25 to $2.50 per share, down from a previous high of $2.90. Following this news, Macy's shares fell by 2.3%, continuing a challenging year that has seen a 17% drop in stock value.
Source: YAHOO