Kohl’s, Pen­ney re­port weak hol­i­day sales

Antelope Valley Press - - BUSINESS -

NEW YORK (AP) — Mall­based re­tail­ers J.C. Pen­ney, Kohl’s and Vic­to­ria’s Se­cret par­ent re­ported sales de­clines for the hol­i­day sea­son, un­der­scor­ing con­tin­ued chal­lenges ahead from on­line ri­vals and other low­price com­peti­tors.

The re­ports, is­sued Thurs­day, come one day af­ter Macy’s re­ported a small de­cline in hol­i­day sales, though it was bet­ter than what in­vestors feared.

The weak re­sults come as over­all re­tail sales are ex­pected to have in­creased for the hol­i­days, boosted by a strong econ­omy. How­ever, the di­vide be­tween the winners and losers is widen­ing. Dis­coun­ters, feel­ing pres­sure from on­line be­he­moth Ama­zon, have been speed­ing up their de­liv­er­ies and spruc­ing up their as­sort­ments. Stores like T.J. Maxx, which of­fer deep dis­counts on cov­eted brands, also have been res­onat­ing with shop­pers.

But mall-based re­tail­ers have been too slow to re­act to the in­creas­ing com­pe­ti­tion and also are strug­gling to get shop­pers back at shop­ping cen­ters.

J.C. Pen­ney, which is try­ing to claw its way back from a dis­as­trous rein­ven­tion plan back in 2012, says sales at stores opened at least a year dropped 7.5% for the Novem­ber and De­cem­ber pe­riod.

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