Macy’s Says Accounting Employee Hid Up to $154 Million in Delivery Expenses
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Nov 25 2024
0mins
Should l Buy M?
Source: WSJ
Macy's Financial Investigation: Macy's has delayed its quarterly results due to the discovery of an employee hiding up to $154 million in delivery expenses, leading to an ongoing investigation.
Employee Misconduct: The issue stems from a single employee responsible for small-package delivery expense accounting who has been making intentional erroneous bookkeeping entries since late 2021.
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Analyst Views on M
Wall Street analysts forecast M stock price to rise
12 Analyst Rating
2 Buy
9 Hold
1 Sell
Hold
Current: 18.100
Low
8.00
Averages
21.33
High
27.00
Current: 18.100
Low
8.00
Averages
21.33
High
27.00
About M
Macy's, Inc. is an omni-channel retail company. The Company operates stores, websites and mobile applications under three brands, Macy's, Bloomingdale's and Bluemercury, which sell a range of merchandise, including apparel and accessories (men's, women's and kids'), cosmetics, home furnishings and other consumer goods. The Company has stores in 43 states, the District of Columbia, Puerto Rico and Guam. Its operations are conducted through Macy's, Macy's Backstage, Macy's small format, Bloomingdale's, Bloomingdale's The Outlet, Bloomie's, and Bluemercury. In addition, Bloomingdale's in Dubai, United Arab Emirates and Al Zahra, Kuwait are operated under a license agreement with Al Tayer Insignia. The principal private label brands offered by the Company include Alfani, And Now This, Aqua, Bar III, Cerulean 6, Charter Club, Club Room, Epic Threads, first impressions, Giani Bernini, Holiday Lane, Home Design, Hotel Collection, Hudson Park, Ideology, I-N-C, jenni, JM Collection, and others.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Financial Performance Analysis: Macy's net income fell by 14% to $643 million ($2.32 per share), with guidance for fiscal 2026 forecasting a further revenue dip to $21.4 billion, reflecting the ongoing challenges faced by traditional retailers in a highly competitive environment.
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See More
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