ST Alpha - "Macy’s said it would delay the release of its third-quarter earnings after an investigation revealed an employee hid over $100 million of expenses -- (link)" (Reading a Post)

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Macy’s said it would delay the release of its third-quarter earnings after an investigation revealed an employee hid over $100 million of expenses -- (link)

Posted by ty97 Nov 25 '24, 05:03

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https://bsky.app/profile/bloomberg.com/post/3lbrldfevzw2v (bsky.app)

Macy’s said it would delay the release of its third-quarter earnings after an investigation revealed an employee hid over $100 million of expenses
— Bloomberg (@bloomberg.com) 2024-11-25T13:00:55.034Z

Responses:

I ... I have multiple questions. - Will Hunting Nov 25, 05:24 10
- same. the story says it was an employee with responsibility for small package delivery expenses. -- (edited) - tRuMaN Nov 25, 06:06 5
  - Check my math, but that’s still a 3% error on that expense line? Who the eff isn’t catching that? -- nm* - znufrii Nov 25, 06:19 4
    - well, I guess someone eventually did. but I am confused on how it could not have affected cash, like ok, they were booking delivery expenses that - tRuMaN Nov 25, 06:21 3
      - Were they booking fake ones, or hiding real ones? I read it like they were hiding. -- nm - Andie Nov 25, 06:22 2
        
        the article I read said erroneous accounting accrual entries to hide expenses, so not sure. - tRuMaN Nov 25, 06:32 1
        
        Steve does a great job managing package delivery, his costs are half what the old guy did -- nm - Beaker 🍺 Nov 25, 06:56
- Giant balloons ain’t cheap. -- nm - Dano Nov 25, 05:33
- so so many questions -- nm - ty97 Nov 25, 05:30 2
  - maybe a bonus was dependent on low shipping costs? -- nm - amanda Nov 25, 05:32 1
    - yup yup is my guess -- nm - Beaker 🍺 Nov 25, 06:56

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