ST Alpha - "same. the story says it was an employee with responsibility for small package delivery expenses. -- (edited)" (Reading a Post)

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In response to "I ... I have multiple questions." by Will Hunting

same. the story says it was an employee with responsibility for small package delivery expenses. -- (edited)

Posted by tRuMaN Nov 25 '24, 06:06

In a preliminary third-quarter 2024 update, Macy's wrote that "an independent investigation and forensic analysis" found that a "single employee with responsibility for small package delivery expense accounting intentionally made erroneous accounting accrual entries to hide approximately $132 to $154 million of cumulative delivery expenses from the fourth quarter of 2021 through fiscal quarter ended November 2, 2024."

"During this same time period, the company recognized approximately $4.36 billion of delivery expenses. 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," Macy's noted.

I still have so many questions.

Responses:

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

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