Macy's Delays Earnings Report After Employee Conceals Up to $154M in Delivery Costs

The accounting irregularities, spanning nearly three years, led to an independent investigation and the dismissal of the employee responsible.

Macy's identified that a single employee intentionally hid between $132 million and $154 million in small package delivery expenses from late 2021 through November 2024.
The concealed expenses represented approximately 3% of Macy's $4.36 billion in delivery costs during the period, prompting the company to delay its full third-quarter earnings release to December 11.
The company stated that the accounting errors did not impact cash management or vendor payments and that no other employees were implicated in the investigation.
Macy's preliminary third-quarter results showed a 2.4% decline in net sales to $4.74 billion, with stronger performance in Bloomingdale's and Bluemercury partially offsetting declines in Macy's flagship stores.
The discovery comes as Macy's navigates broader restructuring efforts, including store closures and investments in luxury and high-performing locations, ahead of the critical holiday shopping season.