Macy’s provides more details about that employee who hid more than $150 million worth of expenses

Macy’s said Wednesday that it has concluded its investigation into an employee who intentionally hid more than $150 million in expenses, and it has tightened its controls to avoid a repeat of the embarrassing problem.

Macy’s said Wednesday that it has concluded its investigation into an employee who intentionally hid more than $150 million in expenses, and it has tightened its controls to avoid a repeat of the embarrassing problem. The troubled retailer said its investigation revealed a single, unnamed accounting employee—who was responsible for keeping tabs on small package delivery expenses— intentionally entered erroneous accounting accrual figures to hide roughly $151 million of delivery expenses over the course of nearly three years. The bad data, which the company discovered last month, forced Macy’s to delay its quarterly earnings report by a couple of weeks as it worked to conclude its forensic accounting investigation. “We’ve concluded our investigation and are strengthening our existing controls and implementing additional changes designed to prevent this from happening again and demonstrate our strong commitment to corporate governance,” said CEO Tony Spring in a statement. “Our focus is on ensuring that ethical conduct and integrity are upheld across the entire organization.” The company found that the erroneous accounting, which took place between the fourth quarter of 2021 and the third quarter of 2024, wasn’t ultimately material to Macy’s previously filed financial statements. The questionable expenses were a small fraction of the $4.36 billion in delivery expenses Macy’s recognized between the fourth quarter of 2021 through its most recent period. Macy’s still hasn’t said why the employee hid the expenses. The retailer noted last month that the employee was no longer with the company, but Macy’s didn’t say whether the person was fired or left on their own.