An accounting irregularity by a Macy’s employee has delayed the release of the company’s quarterly results, the US department store chain said on Monday. The unnamed accountant deliberately concealed $154 million in expenses for nearly three years, forcing the retailer to launch an independent forensic investigation, CNN reported.

The company explained that the employee, who no longer works at Macy’s, “intentionally made incorrect accounting entries” to conceal small package delivery charges. Macy’s did not reveal why the employee chose to hide the charges.

Although the hidden charges represented only a small portion of Macy’s $4.36 billion in delivery costs between the fourth quarter of 2021 and the most recent period, the company deemed the errors serious enough to delay the release of its earnings report until December 11. However, Macy’s reassured investors. there was “no indication that the accounting errors had any impact on the company’s cash management activities or supplier payments.”

To date, the investigation has focused solely on the former employee, and no other individuals have been identified as involved in creating false accounting entries.

“At Macy’s, Inc. we promote a culture of ethical behavior,” Macy’s CEO Tony Spring said in a statement. She added that while the investigation is ongoing and will be handled appropriately, the focus across the organization remains on serving customers and executing the strategy for a successful holiday season.

Shares of Macy’s fell nearly 3 percent on the open market after the news.

Aside from the accounting issues, Macy’s reported a 2.4 percent decline in quarterly sales, which fell to $4.7 billion. The dip was attributed to weaker performance in digital channels and cold weather categories as the country experienced an unusually warm autumn.

Retail analyst Neil Saunders of GlobalData Retail noted: “The sales decline is to be expected given that the mid-market isn’t great and Macy’s is far from leading in all stores. But it still underlines the fact that the business overall is in decline.”

As part of its restructuring plans, Macy’s is preparing to close hundreds of underperforming stores. Some of the company’s better-performing locations experienced less severe sales declines. Bloomingdale’s reported a 1.4 percent increase in sales, while Bluemercury saw a 3.2 percent increase in sales.

In July, Macy’s declined offers from private investors seeking to acquire the company and opted to continue its strategy of revitalization.