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.