Retail troubles continue to rise

The outlook for department stores got murkier Tuesday after J.C. Penney and Kohl’s reported fiscal first quarter results that showed they struggled at the start of the year. Penney, which has been trying to turn around its business for several years after a disastrous reinvention plan, reported a wider than expected loss and sales declines during the quarter. Kohl’s sales momentum took a pause during the quarter as well, and it cut its fiscal 2020 profit outlook. Department stores have been been hurt by increasing online competition and by the likes of T.J. Maxx and other off-price stores.