Macy's Delays Q3 Earnings After Employee Hid up to $154M in Expenses

At Macy’s, Inc, we promote a culture of ethical conduct. While we work diligently to complete the investigation as soon as practicable and ensure this matter is handled appropriately, our colleagues across the company are focused on serving our customers and executing our strategy for a successful holiday season,

said Macy’s CEO, Tony Spring, in a statement

We see that there is definitely a softness, a carefulness, a delay in the conversion of purchasing,

he said

At Macy's, Inc., we promote a culture of ethical conduct,

said Macy's CEO Tony Spring said in a statement

There is no indication that the erroneous accounting accrual entries had any impact on the company’s cash management activities or vendor payments. The individual who engaged in this conduct is no longer employed by the company. The investigation has not identified involvement by any other employee,

the company said in a statement