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Macy's delays Q3 earnings after employee conceals $154M in expenses

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Macy's announced a delay in releasing its full quarterly results after discovering that an employee intentionally hid $132 million to $154 million in expenses.

Macy's announced weaker-than-expected sales for the third quarter, saying it’s delaying the release of its full quarterly results after it discovered an employee intentionally hid up to $154 million of expenses over several years.The report was expected to come out Tuesday. The retailer said Monday that it identified an issue related to delivery expenses in one of its accrual accounts earlier this month.

Macy's said that there's no indication that the erroneous accounting accrual entries had any impact on its cash management activities or vendor payments.The company added that the person behind the conduct is no longer an employee and that the investigation didn't identify involvement by any other worker.

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