Department store chain Macy’s has been forced to slash its annual profit outlook after discovering that an employee concealed more than $150 million in delivery expenses.

Retail giant Macy's said on Wednesday said it concluded an independent investigation into an employee who purposely hid $151 million in delivery expenses over nearly three years, forcing it to revise

Macy's on Wednesday said it has concluded an investigation into an employee who intentionally hid about $151 million of delivery expenses. In a statement, CEO Tony Spring said the retailer is "strengthening our existing controls and implementing additional changes designed to prevent this from happening again and demonstrate our strong commitment to corporate governance.

Macy’s said it has concluded its investigation into an employee who intentionally hid more than $150 million in expenses.

Macy's finally released its Q3 earnings on Wednesday, more than two weeks after it said it had to postpone the report due to preliminary findings about a rogue worker who'd concealed millions of dollars in expenses.