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A MACY’S employee has been accused of hiding up to $154 million in accountant-related issues, forcing the department store chain to delay its earnings call.
The company uncovered the issue while preparing its third-quarter earnings report, which ended on November 2.
Macy’s said an issue related to delivery expenses in one of its accrual accounts was identified in early November.
The unnamed employee intentionally hid as much as $154 million in expenses over the course of nearly three years, dating back to the fourth quarter of 2021, the retailer said.
The single employee, whom Macy’s said is no longer working at the company, “intentionally made erroneous accounting accrual entries” to hide small package delivery expenses.
Despite the inaccurate calculation, Macy’s said there was no evidence that the errors had affected its cash management or vendor payments.
An independent forensic accounting investigation did not identify involvement by any other employee.
Macy’s did not say why the employee hid the expenses.
The company recognized about $4.36 billion in delivery expenses between the fourth quarter of 2021 and the most recent period.
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