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.