Department store stocks are taking a beating on Monday, following word that February store sales slumped amid declining store traffic.
Sales slumped 17% from January 31 to February 23 compared to the same period last year, Bloomberg reports, citing First Data figures. The drop came as store traffic decreased 16.3% during the same period.
Additionally, growth in digital sales surpassed same-store sales growth in the 4th quarter of 2016.
Here’s a look at the sector’s performance in the aftermath of the sales figures, as of 11:51am ET:
- JCPenney: -3.2% @ $US6.06
- Macy’s: -4.2% @ $US30.45
- Kohl’s: -5.1% @ $US39.25
- Nordstrom -3.7% @ $US44.65