Macy's says an employee hid up to $154 million in expenses

Macy's was forced to delay reporting its third-quarter earnings after an employee hid up to $154 million in expenses related to delivering small packages. 

The retailer, which also owns Bloomingdale's and Bluemercury, on Monday said it discovered the accounting issue on one of its accrual accounts while preparing its quarterly financial statements. 

Macy's has launched an independent investigation, including forensic analysis, into the discrepancy and identified that a single accounting unit employee overseeing small package delivery expenses intentionally hid between $132 million and $154 million worth of delivery expenses. The erroneous entries ran from the fourth quarter of 2021 through the most recent period, according to the company.