Macy's announced that it is delaying its third-quarter earnings release, now scheduled for December 11, 2024, after discovering that a single employee intentionally hid up to $154 million in delivery expenses over nearly three years. The employee, responsible for small package delivery expense accounting, made erroneous accounting accrual entries to conceal the expenses from the fourth quarter of 2021 through the quarter ended November 2, 2024. An independent investigation and forensic analysis is underway. Macy's preliminary results show that net sales decreased by 2.4% to $4.742 billion, with comparable sales down 2.4% on an owned basis and 1.3% on an owned-plus-licensed basis. The company's net profit year-to-date in 2024 is $141 million. Macy's stated there is no indication the erroneous entries impacted its cash management activities or vendor payments.