A rogue employee was responsible for hiding $151 million in delivery expenses over the course of nearly three years, Macy's said Wednesday. In an announcement last month that first revealed the situation, Macy's estimated the erroneous entries totaled between $132 million and $154 million. The revelation forced Macy's to delay reporting its quarterly results for two weeks and caused its shares to tumble. In pre-market trading Wednesday, Macy's shares were down as much as 10% as it also reported earnings that missed analysts' estimates. Although $151 million is small relative to the $4.36 billion Macy's said it had in overall delivery expenses during the period in question, it is more than the entire company's most recent fiscal year net profit of $105 million.

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Persons: Macy's, We’ve, ”, Tony Spring, ” Macy's Locations: Macy's