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January 11, 2019

A (bad) holiday surprise from retailers

  • Shares of Macy's plummeted more than 19 percent, on track for the worst day ever. Kohl's was down nearly 7 percent. Even Target took a hit.
    AP Business Writers

    NEW YORK — Many investors had expected department stores to enjoy robust sales over the holidays in light of a U.S. economy buoyed by low unemployment, higher wages, strong consumer confidence and cheap gas.

    So when Macy's and Kohl's reported lackluster numbers on Thursday, they were taken aback, sending retail stocks into a tailspin and calling into question whether such mall-based chains can compete in a changing landscape where shoppers are shifting more of their spending online.

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