Macy’s Worker Hid Millions in Expenses, Prompting Earnings Delay

Macy’s Inc. is delaying its third-quarter earnings release after an investigation revealed an employee hid more than $100 million of expenses over several years.

The worker “intentionally” hid $132 million to $154 million of delivery expenses through false accounting entries from the end of 2021 through Nov. 2 of this year, the company said Monday. The employee is no longer with the retailer.

Macy’s declined to provide information on the employee’s motive or how the accounting entries slipped by its auditor, KPMG, for years.

The retailer said it discovered the issue while preparing its recent quarterly financial statements, prompting an ...