NEW YORK, United States — A fresh round of sales declines at Macy’s Inc. and Kohl’s Corp., though less severe than Wall Street had feared, is renewing concerns that the department store industry is mired in a slump.
Shares of both retailers declined on Thursday after the quarterly results failed to assure investors that a comeback was taking hold. Same-store sales — a key measure — dropped 2.5 percent at Macy’s and 0.4 percent at Kohl’s.
The tepid reception from investors ensures that Macy’s new chief executive officer, Jeff Gennette, will remain in the hot seat. In the role only since March, he faces shrinking foot traffic in malls, deepening …
The Business of Fashion