Department store shares tumbled Thursday after Macy’s turned in disappointing same-store sales during the critical holiday shopping season.
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Macy’s reported a paltry 1.1 percent gain in same-store sales and online sales during the November-December period.
The company cut its outlook for same-store sales in the current fiscal year to 2 percent, down from a range of 2.3 percent to 2.5 percent. Macy’s also said it now anticipates zero growth in net sales for the current fiscal year, down from its earlier guidance of an increase between 0.3 and 0.7 percent.
Kohl’s shares also tumbled as the company turned in a weak rise in same-store sales during the critical holiday shopping season.
Kohl’s same-store sales during November and December edged up 1.2 percent, far weaker than its 2017 gain of 6.9 percent.
Shares of other department store chains also fell hard, with J.C. Penney and Nordstrom stock falling hard.