Retailers

An accounting error forced the British retailer to cut its profit outlook in North America for a second time, prompting Carl Cowling's departure.

B&M European Value Retail SA Chief Financial Officer Mike Schmidt announced he'll step down after the company cut its guidance again due to an accounting error.

The scale of the retailer's overstatement is "quite shocking" and will likely impact management credibility, said one analyst.

The department-store operator tied executives' cash bonuses to an earnings metric that turned out to be overstated by around $81 million in 2023.

Retail entrepreneur Christine Hunsicker resigned from CaaStle after the startup's board of directors alleged she misrepresented the company's performance.

The retailer trimmed its profit outlook after concluding its investigation into an employee plot to hide millions of dollars in expenses.

But last weekend was just the beginning: Retailers need help for the rest of the year, too.

The retailer said the incident involved only one former employee, who had hidden as much as $154 million of delivery expenses since 2021.

An employee "intentionally" made erroneous accounting accrual entries to hide about $132 million to $154 million of cumulative delivery expenses stretching over multiple years.

They're great for customers, but these annual events are not necessarily great for retailers.

Magazine Luiza's announcement of accounting "inconsistencies" deals another blow to companies that have struggled after the scandal that brought down Americanas.

Dirk Schreiber was the first top manager to be imprisoned over an accounting scandal that led to the near-collapse of the retailer.

This handful of tax and accounting tactics can help retailers better manage this major challenge.

Steinhoff, the former owner of Mattress Firm in the U.S., has been battling to survive ever since auditors refused to sign off on its financials.

The store faces lawsuits from customers for alleged failure to deliver prepaid wine, is delinquent on $2.8 million in taxes, and reportedly could be evicted from its midtown home.

Management at the Brazilian retailer told auditor PwC and its audit committee there were no supply-chain financing ops, but gave securities regulators conflicting information.

Americanas sought bankruptcy protection after its shares tumbled 77% in one day and dollar bonds sank to 15 cents on the dollar following the reporting of the massive accounting hole.

The Brazilian retailer filed for bankruptcy protection after finding billion-dollar "accounting inconsistencies" that artificially boosted profits and reduced its reported liabilities by half.

Hours after revealing a scandal, Sergio Rial attempted to explain the accounting gap that pushed him to quit his new job at the helm of Americanas.

The former CFO fell to his death from a Manhattan skyscraper and is being replaced by the chief accounting officer.