Due to employees underreporting delivery fees, Macy's (M.US) has lowered its full-year profit guidance.

Macy's announced its latest performance on Wednesday and lowered its full-year profit forecast after concluding an investigation into an employee who deliberately concealed millions of dollars in expenses.

Zhitong Finance20:56

How big of a mess can be made in the last job? A publicly traded company in the U.S. intentionally mismanaged accounting for over a hundred million dollars.

①Macy's disclosed that employees intentionally made accounting errors, concealing delivery costs of $0.151 billion; ②the company lowered its adjusted earnings per share expectations for the fourth fiscal quarter to between $2.25 and $2.50, with third-quarter net sales falling 2.4% year-on-year to $4.7 billion, and a decline in net income; ③Macy's is downsizing, selling assets for transformation, but analysts emphasize that Department Stores face severe challenges.

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