Macy's Delays Earnings Release As It Investigates An Employee's $154 Million Delivery Expense Fraud

Macy's delayed its earnings release as it investigates an employee's alleged concealment of up to $154 million in delivery expenses over nearly two years. The company emphasized that cash management and vendor payments were unaffected, and the employee no longer works there. Macy's revealed that its third-quarter sales declined, with a drop in comparable sales across its owned, licensed businesses, and online marketplace. These disclosures were made despite the postponement of its full earnings results.