The make-or-break fourth quarter wasn’t kind to a couple of large retailers. Both Macy’s and Kohl’s were definite losers in a holiday season that is on track to be a winner overall.
Sluggish store traffic has placed significant pressure on Macy’s, which posted a 2.1% decline in comparable store sales compared to November and December of the previous year.
And while online is faring better, it represents a fraction of the retailer’s total sales.
“We are pleased with the performance of our digital business, with double-digit gains at both macys.com and bloomingdales.com; however, store sales continued to be impacted by changing customer behavior,” Macy’s, Inc. chairman and chief executive officer Terry Lundgren, said.
Read more at Sourcing Journal.