A single employee "intentionally" made wrong accounting entries to hide about $132 million to $154 million of delivery expenses between the fourth quarter of 2021 through third quarter of 2024, Macy's said. It had recorded about $4.36 billion as delivery expenses in this period.

An internal investigation revealed that a single employee intentionally concealed these expenses over nearly three years.

Macy's delays its quarterly earnings report after discovering that an accounting unit employee concealed delivery expenses.

A former employee intentionally hid expenses totaling as much as $154 million in the company's small package delivery department over a roughly three-year period, Macy's said in a financial disclosure on Monday.

Macy’s says it’s delaying the release of its fiscal third-quarter earnings results after it discovered an up to $154 million accounting-related issue

For years, Macy’s Inc.’s touted its ability to boost profits by cutting delivery costs and trimming other expenses on calls with Wall Street analysts. Then on Monday, the department store chain surprised investors by revealing that those very costs had become the source of an internal investigation into what the company has described as a multimillion-dollar employee plot to manipulate the metrics.