A single employee ‘intentionally made erroneous accounting accrual entries’ to hide about $132-million to $154-million of delivery expenses from the fourth quarter of 2021 through third quarter of 2024, Macy’s said
on Monday delayed the publication of its third-quarter results due to an accounting issue tied to delivery expenses and instead posted preliminary results in which its sales missed Wall Street expectations.
The company said the employee is no longer with the company and that an independent investigation showed no involvement by any other employee and there was no sign of the error affecting cash management activities or vendor payments. But CEO Tony Spring said November comparable sales were trending ahead of third-quarter levels, in the run-up to the crucial shopping season, where retailers offer big discounts.
Target and several other department store chains, however, may see muted sales due to their skewness toward more slightly pricey non-essential items.
Canada News Breaking News Video Canadian Breaking News Breaking News Globe And Mail Breaking News Globe And Mail Canada News Photos World News Local News National News Us News Foreign News Sports News Arts News Life News Lifestyle Canada Traffic Canada Weather Trudeau Government Federal Government Canada Sports Canada Sports News Politics Politics News Political News Political Opinion Environment Economy Technology Education Travel Canada Alberta Bc British Columbia Manitoba Ontario Quebec Nova Scotia Pei New Brunswick Newfoundland And Labrador Nunavut Northwest Territories Yukon Globe And Mail
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
A mother intentionally went over Niagara Falls with her two children, police sayA 33-year-old mother climbed over a safety rail and intentionally went over Niagara Falls with her two children, a 9-year-old and 5-month-old, according to New York state police, who said Wednesday that search and rescue efforts were unsuccessful.
Read more »
Customer Rings Bakery To Make Sure Her Cake Is Finished, Intentionally Never Picks It Up AnywayThe baker details her frustration as a customer ordered a custom cake, refused to pay, and disappeared without a trace in her viral video.
Read more »
House Report: ‘Irrefutable’ Evidence Pentagon ‘Intentionally Delayed’ Deployment of National Guard on Jan 6'The DoD IG concealed the extent and cause of the delay [to deploy the D.C. National Guard] to protect Department of Defense and Pentagon leadership.'
Read more »
Suspect wanted after same west Toronto address allegedly intentionally set on fire twicePolice are searching for a suspect who is wanted for two recent arsons in Toronto’s Little Italy neighbourhood.
Read more »
Suspect wanted after same west Toronto address allegedly intentionally set on fire twicePolice are searching for a suspect who is wanted for two recent arsons in Toronto’s Little Italy neighbourhood.
Read more »
Mother intentionally jumps over Niagara Falls with her two children, a 9-year-old and 5-month-old: policeA 33-year-old mother climbed over a safety rail and intentionally went over Niagara Falls with her two children, a 9-year-old and 5-month-old, according to New York state police, who said Wednesday that search and rescue efforts were unsuccessful.
Read more »