Department Stores Report Weak Holiday, Lampert Ups Sears Bid
Despite a strong start and solid overall retail sales for the Holiday season, the department store channel continues to lose market share as the major ones reported mostly disappointing sales that pressured their stock prices. Macy’s led the sell-off with a 1.1% comp for Nov. and Dec and lowered guidance for the year. Kohl’s, which invested heavily in activewear for the season, also disappointed with a 1.2% comp against a 6.9% comp last year. J.C. Penney was down 5.2% like for like. The clear exception was Target, which said comps were up 5.7% for the two months against a 3.4% ... Log in to view full article.