The department store chain said it had found the erroneous accounting entries while preparing its results for the third quarter.

Macy's announced an employee has "hid" up to $154 million, prompting the U.S. department store chain to delay the release of its third-quarter earnings report.

Macy's 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.

Macy’s identified a single employee who made “erroneous” accounting entries to hide up to $154 million in delivery expenses during a three-year period.

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

The retailer delayed its quarterly results after it said an employee hid delivery expenses over several years, prompting an investigation.

Macy’s said an accounting employee hid as much as $154 million in delivery expenses over a three-year period, prompting the retailer to delay the release of third quarter earnings. The New York-based department store chain — which also owns Bloomingdale’s and Bluemercury — said in a news release Monday that a single employee was behind the false accounting entries,