Macy's (M) said Wednesday that it had identified a material weakness in its internal control over financing reporting while preparing its financial statements for the period ended Nov. 2.

The department-store company said in a regulatory filing that it identified that a single employee who is no longer with the company intentionally made erroneous accounting entries to understate delivery expenses from Q4 2021 through Q3 2024.

The company said the errors, which were caused by manual journal entries and accrued liabilities for delivery and other non-merchandise expenses, had been corrected in revised financial statements.

The company said it had begun to implement changes designed to improve its internal control over financial reporting and to remediate the material weakness, including "re-evaluating the risk of employee circumvention of controls."

Macy's said it conducted additional reviews to ensure that its consolidated financial statements were prepared in accordance with GAAP.