The American department store Macy’s have delayed the presentation of their results for the third quarter of 2024 to December 11 after reporting the detection of a accounting manipulation worth $132 million to $154 million (125.8 and 146.7 million euros).
According to the company, it has been warned that an employee in charge of parcel shipments “intentionally” hid expenses related to this item between the fourth quarter of 2021 and the third of this year, which ended on November 2. During this period, Macy’s posted transportation charges of $4.36 billion (4,154 million euros).
However, it has been assured that the investigations opened to clarify what happened have ruled out that the accounting falsification has affected cash management or payments to suppliers. In addition, Macy’s has stated that a single employee was responsiblealready fired, and that no other worker was involved in the event.
«At Macy’s we promote a culture of ethical conduct. While we work diligently to complete the investigation as quickly as possible and ensure this matter is handled appropriately, The entire company is focused on serving customers and fulfilling our strategy for a successful Christmas season,” said President and CEO Tony Spring.
The store chain, however, has published the provisional results sheet for the third quarter, during which a 2.4% drop in sales was recorded, to 4,742 million dollars (4,518 million euros).
#American #department #store #Macys #delays #quarter #results #due #accounting #manipulation #million
