Macy’s Says An Employee ‘Intentionally’ Hid $154 Million In Company Expenses Over ‘Several Years’

Macy’s Says An Employee ‘Intentionally’ Hid $154 Million In Company Expenses Over ‘Several Years’

Macy’s reported stronger-than-expected sales for Q3 but delayed releasing full results after discovering an employee had hidden up to $154 million in expenses over several years.

The retailer found the issue earlier this month related to delivery expenses, with the employee manipulating records to conceal up to $154 million from Q4 2021 to Q3 2023. The company stressed that cash management and vendor payments weren’t affected.

The employee is no longer with Macy’s, and no other employees were implicated. Macy’s expects to release full Q3 results by December 11.

But the real question is, why were they hiding the funds?