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.
Copyright © 2017 MarketWatch, Inc.
Continue Reading Below