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.

Macy’s Inc. said it would delay its third-quarter earnings release after an investigation revealed an employee hid more than $100 million of expenses. An employee “intentionally” made erroneous accounting accrual entries to hide about $132 million to $154 million of cumulative delivery expenses stretching over multiple years,

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.