America’s largest department store chain has delayed its quarterly results after discovering an employee hid up to $154 million in expenses.
Macy’s disclosed on Monday that an employee had “intentionally made erroneous accounting accrual entries” of delivery expenses from the fourth quarter of 2021 through to the third quarter of 2024.
The employee, who was responsible for small package delivery expense accounting and is no longer working at the company, hid between about $132 million and $154 million over that period.
The company said that an independent investigation showed no involvement by any other employee and there was no sign of the error affecting cash management activities or vendor payments.
Tony Spring, chairman and chief executive officer of Macy’s, said: “At Macy’s, Inc., we promote