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[visionarycios]

Macy’s Discovers $154 Million in Hidden Expenses by a Single Employee

https://visionarycios.com/wp-content/uploads/2024/11/1-Macys-Discovers-154-Million-in-Hidden-Expenses-by-a-Single-Employee-Source-wfxrtv.com_.jpg

Source: wfxrtv.com

Macy’s revealed on Monday that a single employee was responsible for significant accounting irregularities, leading the company to delay its quarterly earnings report initially scheduled for release on Tuesday.

The company uncovered that the unnamed employee intentionally concealed up to $154 million in expenses over nearly three years. This discovery prompted an independent forensic accounting investigation. According to Macys, the employee, who is no longer with the company, deliberately made erroneous accounting entries to hide costs associated with small package deliveries.

Investigations and Findings

Macy’s has not disclosed the motive behind the employee’s actions. However, the hidden expenses represented a small portion of the $4.36 billion the company spent on delivery services between the fourth quarter of 2021 and its most recent period. Despite this, the irregularities were significant enough to postpone the company’s full quarterly earnings report to December 11.

Macys clarified that the false accounting entries did not impact the company’s cash management activities or vendor payments. So far, investigators have identified no other employees involved in creating the fraudulent entries.

CEO’s Statement

Macy’s CEO Tony Spring emphasized the company’s commitment to ethical practices. He stated that while the investigation is ongoing, the company remains focused on serving customers and implementing its strategies for a successful holiday season.

Investor Concerns

The accounting issue has raised concerns among investors and analysts, particularly about the effectiveness of the company’s auditing processes. Retail analyst Neil Saunders noted that such incidents could erode investor confidence, especially given Macys already declining performance.

Macy’s stock has fallen nearly 20% this year, and news of the accounting irregularities only added to the retailer’s challenges. Shares dropped nearly 3% following the announcement.

Preliminary Earnings Report

In a preliminary earnings release, Macys reported a 2.4% decline in quarterly sales, amounting to $4.7 billion. The drop was attributed to weaker digital sales and reduced demand for cold-weather clothing, as the country experienced one of its warmest falls on record.

While Macys sales continue to face challenges, its higher-end stores, like Bloomingdale’s, performed better, with sales increasing by 1.4%. Bluemercury, its luxury beauty retailer, also saw a 3.2% rise in sales.

Future Challenges

The decline in overall sales reflects ongoing struggles for the middle-market retailer. Analysts suggest that while Macys has made efforts to improve performance, the company still faces challenges across many of its stores. Macys has already announced plans to close hundreds of underperforming locations as part of a broader turnaround strategy.

In July, the 165-year-old retailer rejected offers from private investors seeking to take over the company, opting instead to pursue its own transformation plan.

As Macy’s works to address the fallout from this accounting issue, it faces mounting pressure to rebuild trust with investors and improve its operational performance. The incident underscores the importance of robust internal controls as the company navigates a competitive retail environment.

[enterprisewired]

Costco Defends Diversity Initiative Amid Legal and Shareholder Challenges

Source: foxbusiness.com

Board Upholds DEI Program Ahead of Shareholder Vote

Costco Wholesale is standing firm on its diversity, equity, and inclusion (DEI) program despite growing criticism and legal challenges from stakeholders. Ahead of its annual shareholders’ meeting on January 23, 2025, Costco’s board of directors urged investors to reject a proposal seeking to eliminate the DEI initiative. The proposal, brought forth by the National Center for Public Policy Research, questions the legality of Costco’s DEI practices in light of the U.S. Supreme Court’s ruling in Students for Fair Admissions v. Harvard, which deemed race-based college admissions unconstitutional.

In a statement to shareholders, Costco’s board highlighted the integral role of DEI in fostering an inclusive workplace and supporting the company’s global workforce of over 300,000 employees. “Our efforts around diversity, equity, and inclusion remind and reinforce with everyone at our company the importance of creating opportunities for all,” the board stated. It argued that these initiatives enhance employee retention and business success, aligning with the company’s ethical commitments to employees, members, and suppliers.

The proposal comes amidst broader scrutiny of corporate DEI programs, with multiple Fortune 100 companies scaling back their initiatives following legal and political pressures.

Criticism of DEI Practices and Legal Concerns

The National Center for Public Policy Research’s proposal contends that Costco’s DEI practices, even under their rebranded name “People and Communities,” remain legally and ethically questionable. The organization argued that the initiative prioritizes equity of outcomes over merit-based opportunities, citing concerns about racial and gender-based discrimination in hiring, promotions, and supplier selection processes.

The proposal also pointed to warnings from attorneys general in 13 states and ongoing lawsuits against DEI programs across major corporations, emphasizing potential legal risks for Costco. “With 310,000 employees, Costco likely has at least 200,000 employees who are potentially victims of this type of illegal discrimination because they are white, Asian, male, or straight,” the proposal claimed, warning that even partial litigation success could result in billions of dollars in damages.

Costco’s board dismissed these allegations, maintaining that its DEI practices are legally compliant and serve to benefit both employees and the company. The board also accused the National Center for Public Policy Research of pursuing a broader agenda aimed at dismantling diversity initiatives, labeling the proposal as shareholder activism rooted in policy bias.

Defending Inclusion and Innovation

Despite the mounting scrutiny, Costco remains steadfast in its defense of Costco’s DEI as a driver of creativity, innovation, and business success. “We welcome members from all walks of life and backgrounds,” the board noted. “Serving our diverse membership with a diverse group of employees enhances satisfaction and fosters creativity in the merchandise and services we offer.”

The board also emphasized the value of diversity in its supplier base, including support for small businesses, as a means to spur innovation and reflect its customer demographics. Dismissing calls for a reassessment of its DEI program, Costco reiterated that such efforts are aligned with its fiduciary responsibilities and contribute to its long-term growth strategy.

Meanwhile, critics argue that the program compromises meritocracy and exposes the company to legal and reputational risks. Ethan Peck, deputy director of the National Center for Public Policy Research’s Free Enterprise Project, described DEI as “the redistribution of opportunity on the basis of race and sex,” asserting that such practices are both immoral and illegal.

As shareholders prepare to vote, the outcome could signal broader implications for Costco’s DEI initiatives nationwide, especially as companies navigate the legal and cultural shifts reshaping workplace equity.

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[visionarycios]

Walmart Sales Surge as Retailer Raises Outlook, Driven by Resilient US Customers

Source: business-standard.com

Shares of Walmart sales soared to record highs on Tuesday after the retail giant reported strong quarterly earnings, beat revenue expectations, and raised its full-year guidance. The company attributed its success to resilient U.S. customers, robust e-commerce growth, and rising in-store volumes, signaling a recovery in consumer spending on discretionary items.

Strong U.S. Performance

Walmart’s U.S. division experienced a 5% increase in sales, reaching $114.9 billion, surpassing analysts’ expectations of $113.61 billion. General merchandise sales turned positive for the first time in 11 quarters, reflecting a shift in consumer behavior as discretionary spending began to recover. Market share gains were primarily driven by upper-income households.

Chief Financial Officer John David Rainey highlighted that U.S. customers have remained resilient, with consumer behavior remaining consistent over the last four to six quarters. In-store shopping volumes grew steadily, while pickup and delivery services expanded at even faster rates, showcasing the company’s adaptability in meeting customer preferences.

Earnings and Revenue Highlights

For the quarter ending October 31, Walmart sales reported a net income of $4.58 billion, or 57 cents per share, a sharp rise from $453 million, or 6 cents per share, in the same period last year. Adjusted earnings per share reached 58 cents, beating analysts’ estimates of 53 cents.

Total revenue climbed 5.5% to $169.59 billion, exceeding expectations of $167.69 billion. This growth was fueled by a 27% surge in e-commerce sales and a 16.1% rise in membership and other income. Walmart sales has now surpassed revenue forecasts for 19 consecutive quarters.

Comparable-store sales in the U.S. rose 5.3%, exceeding projections of 3.8%. This growth was driven by a 3.1% increase in the number of transactions and a 2.1% rise in the average ticket value.

Growth in Sam’s Club and International Markets

Walmart’s membership-based warehouse division, Sam’s Club, also posted strong results. Net sales for Sam’s Club rose 3.9% to $22.9 billion, while comparable-store sales jumped 7%, marking the biggest beat in two years. Transactions increased by 6.4%, while the average ticket value rose by 0.5%.

International sales grew by 8% to $30.3 billion, exceeding expectations of $30.1 billion. This growth was fueled by strong performances in markets like Flipkart in India, Walmex in Mexico, and China.

Outlook for the Holiday Season

Following the strong quarterly performance, Walmart sales raised its full-year 2024 guidance. The company now expects adjusted earnings per share to range between $2.42 and $2.47, up from the previous forecast of $2.35 to $2.43. Projected net sales growth was also raised to 4.8% to 5.1%, compared to the earlier estimate of 3.75% to 4.75%.

Analysts have expressed optimism about Walmart’s momentum heading into the holiday season. Robust traffic trends at Walmart U.S. and Sam’s Club are expected to continue, supported by the company’s strong value proposition and strategic improvements to its business model.

Stock Performance

Walmart sales climbed 2.6% in early trading on Tuesday, pushing the stock into record territory. The stock has gained 60% year-to-date through Monday, significantly outperforming the Consumer Staples Select Sector SPDR ETF, which has risen 11.8%, and the Dow Jones Industrial Average, which has advanced 23.6%.

Analysts believe Walmart’s strong position and adaptability will help it maintain its growth trajectory. As the company continues to benefit from shifting consumer behavior and its investments in technology and services, it is well-positioned to thrive during the holiday season and beyond.

Read More: Tesla’s Stock Jumps 6%: Trump’s Influence on Musk’s Future

[enterprisewired]

Costco Defends Diversity Initiative Amid Legal and Shareholder Challenges

https://enterprisewired.com/wp-content/uploads/2024/12/1-Costco-Defends-Diversity-Initiative-Amid-Legal-and-Shareholder-Challenges-Source-foxbusiness.com_.jpg

Source: foxbusiness.com

Board Upholds DEI Program Ahead of Shareholder Vote

Costco Wholesale is standing firm on its diversity, equity, and inclusion (DEI) program despite growing criticism and legal challenges from stakeholders. Ahead of its annual shareholders’ meeting on January 23, 2025, Costco’s board of directors urged investors to reject a proposal seeking to eliminate the DEI initiative. The proposal, brought forth by the National Center for Public Policy Research, questions the legality of Costco’s DEI practices in light of the U.S. Supreme Court’s ruling in Students for Fair Admissions v. Harvard, which deemed race-based college admissions unconstitutional.

In a statement to shareholders, Costco’s board highlighted the integral role of DEI in fostering an inclusive workplace and supporting the company’s global workforce of over 300,000 employees. “Our efforts around diversity, equity, and inclusion remind and reinforce with everyone at our company the importance of creating opportunities for all,” the board stated. It argued that these initiatives enhance employee retention and business success, aligning with the company’s ethical commitments to employees, members, and suppliers.

The proposal comes amidst broader scrutiny of corporate DEI programs, with multiple Fortune 100 companies scaling back their initiatives following legal and political pressures.

Criticism of DEI Practices and Legal Concerns

The National Center for Public Policy Research’s proposal contends that Costco’s DEI practices, even under their rebranded name “People and Communities,” remain legally and ethically questionable. The organization argued that the initiative prioritizes equity of outcomes over merit-based opportunities, citing concerns about racial and gender-based discrimination in hiring, promotions, and supplier selection processes.

The proposal also pointed to warnings from attorneys general in 13 states and ongoing lawsuits against DEI programs across major corporations, emphasizing potential legal risks for Costco. “With 310,000 employees, Costco likely has at least 200,000 employees who are potentially victims of this type of illegal discrimination because they are white, Asian, male, or straight,” the proposal claimed, warning that even partial litigation success could result in billions of dollars in damages.

Costco’s board dismissed these allegations, maintaining that its DEI practices are legally compliant and serve to benefit both employees and the company. The board also accused the National Center for Public Policy Research of pursuing a broader agenda aimed at dismantling diversity initiatives, labeling the proposal as shareholder activism rooted in policy bias.

Defending Inclusion and Innovation

Despite the mounting scrutiny, Costco remains steadfast in its defense of Costco’s DEI as a driver of creativity, innovation, and business success. “We welcome members from all walks of life and backgrounds,” the board noted. “Serving our diverse membership with a diverse group of employees enhances satisfaction and fosters creativity in the merchandise and services we offer.”

The board also emphasized the value of diversity in its supplier base, including support for small businesses, as a means to spur innovation and reflect its customer demographics. Dismissing calls for a reassessment of its DEI program, Costco reiterated that such efforts are aligned with its fiduciary responsibilities and contribute to its long-term growth strategy.

Meanwhile, critics argue that the program compromises meritocracy and exposes the company to legal and reputational risks. Ethan Peck, deputy director of the National Center for Public Policy Research’s Free Enterprise Project, described DEI as “the redistribution of opportunity on the basis of race and sex,” asserting that such practices are both immoral and illegal.

As shareholders prepare to vote, the outcome could signal broader implications for Costco’s DEI initiatives nationwide, especially as companies navigate the legal and cultural shifts reshaping workplace equit

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