Reported 3 days ago
Macy’s has concluded an investigation into an employee who concealed over $150 million in expenses by manipulating accounting figures related to delivery costs. The company has reinforced its financial controls to prevent similar incidents in the future, as the wrongful actions affected earnings reporting but were not material to previously filed financial statements. The investigation's conclusion, however, did not alleviate investor concerns, with Macy's stock falling over 11% amid reduced profit forecasts and declining quarterly sales.
Source: YAHOO