US department store Macy's has said a rogue staffer concealed more than $130m (£103m) in company costs over roughly three years, causing it to delay the release of its latest accounts. Macy's, also the owner of Bloomingdales and the make-up chain Bluemercury, said it was postponing its quarterly sales update as it investigates the incident.

The employee "intentionally made erroneous accounting accrual entries" to hide millions of dollars, Macy's said. The error forced the company to delay reporting its third quarter results.

The department store chain said it had found the erroneous accounting entries while preparing its results for the third quarter.