Kohl’s, JC Penney Earnings Disappoint, Sparking Sell-Off Of Department Store Stocks

by MR Magazine Staff

Kohl’s and JC Penney delivered disappointing first-quarter earnings reports Tuesday morning, putting a damper on other department stores, as their stocks tumbled. Shares of Kohl’s fell 13%, and Penney shares were down 8% in early trading. Macy’s stock was down 1.5%, Nordstrom’s stock dropped 1% and Dillard’s fell 1.2%. Penney’s net loss nearly doubled during the quarter, while Kohl’s missed same-store sales expectations for the first time in two years. Read more at CNBC.