Macy's M.N on Monday delayed its third-quarter results after finding that an employee hid as much as $154 million in expenses over years, instead issuing preliminary sales figures that fell short of Wall Street expectations.

The company said it has identified an issue related to delivery expenses in one of its accrual accounts during preparation of the quarterly results. Macy's has initiated an independent investigation and identified that a single employee with responsibility for small package delivery expense accounting intentionally made erroneous accounting accrual entries.