Macy's says single employee hid $154M in expenses

Macy’s announced that a single employee hid at least $154 million in expenses.

The employee, who is no longer with the company, “intentionally made erroneous accounting accrual entries” to hide small package delivery expenses, Macy's officials said. The employee's name and the reason for hiding the expenses were not disclosed.

The accounting irregularities delayed the release of the company's quarterly earnings report.

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