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.

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

Macy's shares moved lower Monday morning after the retailer unexpectedly posted preliminary results for the third quarter, and said its official report for the quarter would be delayed following an investigation into an accounting issue.

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 delayed its quarterly earnings after discovering an accounting employee had hidden up to $154 million in expenses over several years. Shares fell more than 2% in premarket trading. Read more:

The department store chain, which also operates Bloomingdale's and Bluemercury cosmetics chain in addition to its namesakes stores, was expected to report quarterly results on Tuesday.

NEW YORK (AP) — Macy's says employee hid up to $154 million in expenses, delays reporting third-quarter earnings. The party may come to an abrupt end for Wall Street.

Macy's said a former employee concealed up to $154 million in delivery expenses over the course of nearly three years.