Holiday sales weren’t too hot at two of America’s largest retailers.
Both Kohl’s and Macy’s reported lower sales during November and December 2016 than the year before. Both retailers announced sales declines of 2.1% from the same two months in 2015.
Additionally, both Kohl’s and Macy’s said that sales at owned and operated stores were down by 2.7% this holiday season.
Sales were volatile throughout the holiday season. Strong sales on Black Friday and during the week before Christmas were offset by softness in early November and December,” said Kohl’s CEO Kevin Mansell in a press release.
Macy’s CEO Terry Lundgren cited similar patterns for the sales disappointment.
“While our sales trend is consistent with the lower end of our guidance, we had anticipated sales would be stronger,” said Lundgren in a release. “We believe that our performance during the holiday season reflects the broader challenges facing much of the retail industry.”
Following the news, Kohl’s was down over 10.5% as of 4: 17 p.m., while Macy’s was down 5.5% in post-market trading.