Macy's (M) shares moved lower Monday morning after the retailer said its official third-quarter results would be delayed so that𒐪 an independent investigation into an accounting issue can be completed.

The company said that it discovered that an employee had made "erroneous accounting accrual entries to hide approximately $132 to $154 million of cumulative delivery expenses" from the fourth quarter of fiscal 2021 through the third quarter of 2024.

Macy's said it found the issue with delivery expenses while preparing the earnings report, which was originally set to be released Tuesday. It said the employee responsible for the seemingly intentional error is no longer with Macy's.

Sales at Macy's Slow While Luxury Brands Bloomingdale's, Bluemercury Grow

Macy's did, however, release preliminary results for the third quarter on Monday. It said revenue declined just over 2% year-over-year to $4.74 billion, below the $4.88 billion analysts had expected, according to estimates▨ compiled by Visible Alpha.

Macy's said sales declined at its namesake stores, while sales at its other high-end brands like Bloomingdale's and Bluemercury improved year-over-year. CEO Tony Spring said sales across all three brands had also been trending higher into the start of November.

The company will issue its full third-quarter report and provide updates to fourth-quarter and 澳洲幸运5开奖号码历史查询:full year outlook by D🎃ecember 11, after the accounting investigation has been complete💖d.

Macy's shares were down 1.28% to $16.09 Monday morning, about 20% below where they started the year.