One Macy's Employee Made Accounting Errors Worth at Least $132 Million, and It's Affecting the Company in a Major Way

For the past 3 years, 1 Macy's worker hid complete $100 cardinal successful transportation expenses from the company.

Macy's was expected to merchandise its third-quarter net connected Tuesday but stated successful a property release connected Monday that it has decided to hold the merchandise and its accompanying convention telephone to December 11 to wrap up an independent investigation into the issue.

In a statement, Macy's said that the worker handled mini package transportation disbursal accounting and "intentionally" made inaccurate accounting entries for transportation expenses stretching from the 4th fourth of 2021 to November 2, 2024. The errors amounted to $132 cardinal to $154 cardinal while wide transportation expenses were astir $4.36 billion.

"At Macy's, Inc., we beforehand a civilization of ethical conduct," said Tony Spring, president and CEO. "While we activity diligently to complete the investigation arsenic soon arsenic practicable and guarantee this matter is handled appropriately, our colleagues crossed the institution are focused connected serving our customers and executing our strategy for a successful vacation season."

Related: Meta Fires Employee Making $400,000 Per Year Over a $25 Meal Voucher Issue

It's unclear astatine this clip what the employee's motivations were for these errors, but Macy's stated that the person's actions did not impact payments to vendors and progressive nary different unit members. The worker is nary longer astatine the company, and Macy's did not disclose erstwhile they near the position.

Macy's shop successful Manhattan. Photo by Beata Zawrzel/NurPhoto via Getty Images

Macy's stated that it recovered retired astir the errors while preparing its financial connection for the 4th ending November 2. It uncovered who the worker was done an independent investigation and forensic analysis.

However, Macy's did study preliminary financial results for the 3rd 4th of 2024 connected Monday. The institution arsenic a whole, including Bloomingdale's and Bluemercury, saw nett income diminution 2.4% to astir $4.7 cardinal erstwhile compared to the 3rd 4th of 2023.

Bloomingdale's and Bluemercury individually saw income emergence 1.4% and 3.2%, respectively, while Macy's faced income that declined 3.1% compared to the aforesaid play past year.

Related: Macy's Is Cutting Jobs and Closing Locations Amid a Leadership Shakeup — Is Your Local Store connected the Chopping Block?