Macy's Completes Delivery Expense Probe, Lowers EPS Forecast

Benzinga

Macy’s completed its investigation into an employee's deliberate misreporting of over $150 million in delivery expenses over three years, revising historical financial statements. CEO Tony Spring emphasized that integrity is critical to Macy's, noting the responsible employee is no longer with the company. Macy’s lowered its adjusted EPS forecast while slightly raising its full-year sales outlook. Shares dropped 8% in early trading on Wednesday.

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00:00It's Benzinga bringing Wall Street to Main Street.

00:02Macy's completed its investigation into an employee's deliberate misreporting

00:05of over $150 million in delivery expenses over three years,

00:10revising historical financial statements.

00:12CEO Tony Spring emphasized that integrity is critical to Macy's,

00:16noting the responsible employee is no longer with the company.

00:20Macy's lowered its adjusted EPS forecast while slightly raising its full-year sales outlook.

00:25Shares dropped 8% in early training on Wednesday.

00:28For all things money, visit Benzinga.com slash GSTV.

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