Macy's says employee hid up to $154 million in expenses, delays Q3 earnings

Macy's reported weaker-than-expected preliminary sales for the fiscal third quarter and said it's delaying the release of its quarterly earnings results after it discovered an up to $154 million accounting-related issue. 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. The retailer said Monday that it identified an issue related to delivery expenses in one of its accrual accounts earlier this month.