It hasn’t been a happy New Year for shareholders of some of America’s top brick-and-mortar retailers.
Macy’s Inc M 0.13% shares were down more than 10 percent in pre-market trading after the company reported lower-than-expected November and December comparable sales of -2.1 percent and lowered its 2016 full-year EPS guidance from $3.15–$3.40 to $2.95–$3.10. In addition, Macy’s will be closing another 100 stores and laying off an estimated 6,200 employees as part of a cost-cutting and restructuring initiative.
The disappointing holiday sales numbers are bad news for Macy’s shareholders, but they can take comfort in the fact that they are certainly not alone.
Not An Isolated Phenomenon
Kohl’s Corporation KSS 1.38% shares were seen down more than 15 percent after the company also reported -2.1 percent comps in November and December and lowered its fiscal 2016 EPS guidance to $2.92–$2.97, well short of consensus estimates of $3.94.
L Brands Inc LB 1.31% reported December comps of +1 percent, but also said that it expects Q4 EPS to come in on the low end of its $1.85–$2.00 guidance.
J C Penney Company Inc JCP 3.69% hasn’t released holiday sales numbers yet, but it recently completed the sale of its corporate headquarters complex in Plano, Texas, to help pay down the company’s massive debt load.
Nordstrom, Inc. JWN 0.2% also hasn’t released…
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