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Macy's Completes Delivery Expense Probe, Lowers EPS Forecast
Description
Macy’s completed its investigation into an employee's deliberate misreporting of over $150 million in delivery expenses over three years, revising historical financial statements. CEO Tony Spring emphasized that integrity is critical to Macy's, noting the responsible employee is no longer with the company. Macy’s lowered its adjusted EPS forecast while slightly raising its full-year sales outlook. Shares dropped 8% in early trading on Wednesday.
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