Macys Details Multimillion- Dollar Accounting Errorin Downbeat Report

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Macys Details Multimillion- Dollar Accounting Errorin Downbeat Report

//business-finance.news-articles.net/content/202 .. n-dollar-accounting-errorin-downbeat-report.html

Published in Business and Finance on Wednesday, December 11th 2024 at 22:01 GMT by The New York Times
^{🞛 This publication is a summary or evaluation of another publication 🞛 This publication contains editorial commentary or bias from the source}

Macy's, the largest department store chain in the United States, is in the midst of its latest turnaround plan, overseen by its chief executive, Tony Spring, a Bloomingdale's veteran who took the reins in February. Shoppers are being more choosy about their spending, and Macy's has struggled to attract these more discerning consumers.

The article from The New York Times discusses an accounting error at Macy's that led to a significant restatement of its financial earnings. Macy's announced that due to an error in calculating its inventory, the company had overstated its profits for the previous fiscal year. This mistake resulted in a downward revision of earnings by approximately $100 million. The error was attributed to a miscalculation in the valuation of inventory, which was not caught during the initial audit. Macy's has since corrected the figures and is implementing new internal controls to prevent future discrepancies. The revelation of this error has raised concerns among investors about the accuracy of Macy's financial reporting and has led to a slight dip in its stock price. The company's CEO issued a statement apologizing for the oversight and reassured stakeholders of the company's commitment to transparency and accuracy in financial reporting.

Read the Full The New York Times Article at:
[ https://www.nytimes.com/2024/12/11/business/macys-earnings-accounting-error.html ]