Shares of retailers and other consumer-services companies declined after Macy's and Kohl's reported another decline in quarterly sales. While the pace of retreat slowed for both department stores, that was not enough to convince investors they could fend off the relentless onslaught of competition from the internet, and shares of each fell by 5% or more. Rival Dillard's also fell sharply after it reported a quarterly loss as it tried to clear inventory using discounts. DineEquity named a new chief executive and plans to close up to 160 Applebee's and IHOP restaurants, as the casual-dining chain adjusts to slowing traffic and changing consumer diets. Stephen Joyce, a longtime DineEquity board member, will take over as chief executive on Sept. 12.
-Rob Curran, email@example.com
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(END) Dow Jones Newswires
August 10, 2017 16:28 ET (20:28 GMT)