Macy's finds employee hid $154 million in expenses, earnings report delayed

25 Nov 2024, 17:39 by Clyde Hughes · UPI

Nov. 25 (UPI) -- Macy's announced Monday that it would delay its full third-quarter earnings report because of an employee hiding up to $154 million in expenses, sending its stock plummeting in early trading.

The iconic retailer did release preliminary third-quarter results, adding that the full report, along with the fourth quarter and full-year guidance, will be unveiled by Dec. 11.