Tag: earnings
Macy’s Delaying Q3 Earnings Release After Discovering Employee Hid Up to $154M in Expenses
A single employee with responsibility for small package delivery expense accounting allegedly hid approximately $132 to $154 million in cumulative delivery expenses since Q4 2021 through erroneous accounting accrual entries.
Target Predicts $1.3B Profit Loss from Theft
Target has announced its first quarter 2023 financial results, where it predicted this year’s profitability will be reduced by $500 million more than last year because of shrink. The company lost as much as $800 million from inventory shrink in 2022.