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The development forced the retailer to delay its third-quarter earnings report.
The employee, whose name has not been released, has been fired.
According to the company, the employee responsible for accounting small package delivery expenses made erroneous accrual entries to conceal the costs from the fourth quarter of 2021 through the most recent quarter. During that time, Macy’s reported a total of $4.36 billion in delivery expenses.
The company conducted an independent investigation, which concluded the misconduct involved only one individual.
The errors did not affect cash management activities or vendor payments, Macy’s said.
In a statement, Macy’s CEO Jeff Gennette emphasized the company's commitment to ethical practices. “At Macy’s, Inc., we promote a culture of ethical conduct.
"While we work diligently to complete the investigation as soon as practicable and ensure this matter is handled appropriately, our colleagues across the company are focused on serving our customers and executing our strategy for a successful holiday season.”
Macy’s expects to release its full third-quarter financial results and provide updates on its fourth-quarter and full-year outlooks by Wednesday, Dec. 11.
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