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Macy's delays earnings release as it says employee hid up to $154 million in delivery expenses
Macy's delayed its results after it discovered an issue related to the reporting of delivery expenses.
Macy's on Monday said it will delay its full earnings release as it investigates an accounting problem stemming from an employee who the company said intentionally hid up to $154 million in delivery expenses. In a statement, CEO Tony Spring said Macy's promotes "a culture of ethical conduct" and remains focused on the busy holiday shopping period as customers look for decor and gifts. "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," he said in a statement.
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