Department-store Shares Sell Off After Kohl's, Macy's Reports

By Wallace Witkowski Markets MarketWatch Pulse

Shares of traditional department stores fell in the extended session Wednesday after Kohl's Inc. lowered its outlook and Macy's Inc. announced store closures. Kohl's shares dropped 12% to $45.60 after the company cut its fiscal 2016 earnings outlook after volatile holiday sales. Macy's shares fell 8.6% to $32.80 after hours after the company announced plans to close 68 stores and lay off 6,200 employees in 2017. The news caused a ripple effect across department store shares after hours with shares of Nordstrom Inc. down 6% at $46, J.C. Penney Co. shares down 4.4% at $8.10, Dillard's Inc. shares falling 3.1% to $61, Sears Holdings Corp. shares down 2.4% at $10.11, and Ross Stores Inc. shares declining 1.5% to $65.55.

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