Macy’s delays full earnings release due to employee investigation [Video]

Macy’s on Monday said it will delay its full earnings release as it investigates an accounting problem stemming from an employee who the company said intentionally hid up to $154 million in delivery expenses.

The department store owner was slated to report its quarterly earnings before the opening bell on Tuesday.

In a news release, Macy’s said it is completing an investigation after finding “an issue related to delivery expenses in one of its accrual accounts” while preparing its third-quarter results. The company found through an independent investigation that one employee who handled “small package delivery expense accounting” made erroneous entries to hide about $132 million to $154 million in delivery expenses from the fourth quarter of 2021 through this year’s fiscal third quarter. The company said it had about $4.36 billion in delivery expenses during that time.

Macy’s declined to say how it detected the accounting errors and if it …