The employee "intentionally made erroneous accounting accrual entries" to hide millions of dollars, Macy's said. The error forced the company to delay reporting its third-quarter results.

Macy's announced an employee has "hid" up to $154 million, prompting the U.S. department store chain to delay the release of its third-quarter earnings report.

Macy's on Monday delayed its third-quarter results after finding that an employee hid as much as $154 million in expenses over years, instead issuing preliminary sales figures that fell short of Wall Street expectations.