Retail Shares Fall On Weak Macy's, Kohl's Sales; Nasdaq Up

Fahad Shabbir (@FahadShabbir) Published January 05, 2017 | 09:20 PM

Retail shares fall on weak Macy's, Kohl's sales; Nasdaq up

NEW YORK, Jan 5, (UrduPoint / Pakistan Point News - 05th Jan, 2017 ) - Investors hammered retailers early Thursday as US stocks opened near flat following reports of disappointing holiday sales from department stores Macy's and Kohl's.

Macy's slumped 12.

8 percent and Kohl's 17.2 after both reported lower sales in the critical November-December period. Macy's also said it plans to cut as many as 10,100 jobs in a response to the decline of shopping in stores due to the rise of e-commerce.

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