Kohl's, Victoria's Secret report holiday sales declines, challenges against online rival

Andrew Cummings
January 11, 2020

Adjusted comparable store sales, which exclude the impact of the company's exit from the major appliance and in-store furniture categories, decreased 5.3%.

Meanwhile, following reveal of Macy's Inc.'s holiday quarter sales report that came as a breather for the investors who were bracing for a further baleful outlook, a Macy's Inc. spokeswoman was quoted saying on Wednesday (January 8th) that the US retailing industry giant and one of the key indicators of US Consumer Spending's health, would shut down 28 Macy's location across the United States and a Bloomingdale's store over the coming weeks. All three companies entered the holiday season on weak footing, with falling sales as they lost orders to Amazon.com Inc.as well as traditional rivals such as T.J. Maxx and Target Corp.

Bed Bath & Beyond (BBBY) - down as much as 19%.

Not all traditional retailers are struggling.

Zoom out: Holiday sales figures were the wrinkled bow on top of a lackluster year for department stores. Excluding appliances and furniture, categories it exited past year, comparable sales fell 5.3% in the period.

The Menomonee Falls, Wis. -based company announced that same-store sales for the months of November and December dropped 0.2% from the previous year.

Kohl's said its comparable sales for November and December slipped 0.2%, citing weakness in its women's apparel business. "This is a make or break year for the company and, sadly, these latest numbers suggest things will be more break than make". Shares were down 8% to $45.45 premarket.

"We are managing the business with discipline and we expect to deliver on our earnings guidance for the full year", Chief Executive Michelle Gass said. L Brands stock added almost 1%.

Victoria's Secret owner L Brands (LB.N) on Thursday lowered its profit forecast for the fourth quarter after reporting a 3% drop in comparable-store sales for the holiday period, but its shares rose slightly.

Shares dipped four cents, or 2.9%, to $1.17.

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