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.

The employee "intentionally made erroneous accounting accrual entries" to hide millions of dollars, Macy's said. The error forced the company to delay reporting its third-quarter results.

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. The discovery forced Macy's to delay its ...