Test out which firms are producing headlines just after the bell on Wednesday:
Macy’s shares fell much more than 10 percent in prolonged trade Wednesday just after the retailer posted disappointing holiday break sales. The department store’s comparable sales fell 2.1 percent in November and December, which was at the minimal conclude of its previous direction. It held to its 2016 comparable sales direction of a 2.5-percent to 3-percent decline, but now expects decrease complete-calendar year diluted earnings. Its new estimate is concerning $2.ninety five and $3.10 a share, although its previous expectations have been concerning $3.fifteen and $3.forty for every share.
The firm also launched the destinations of 68 of the 100 shops it plans to near, asserting it will do away with levels of management to cut costs. Macy’s approximated its workforce will be cut by 6,two hundred and a different 3,900 workers will be displaced by the shop closures—although some could be reassigned.
Kohl’s stock plummeted fifteen percent just after the retailer slashed its complete-calendar year direction to concerning $3.sixty and $3.65 a share. Former estimates had the retailer producing $3.ninety four a share right before the announcement that its comparable sales for November and December fell 2.1 percent. In a information launch, the firm said its strongest classes have been men’s, home and footwear, wile equipment was the most hard.
Nordstrom also took a strike just after the bell, dropping 6 percent. In their information releases, equally Kohl’s CEO Kevin Mansell and Macy’s CEO Terry Lundgren discovered macro traits in retail that could also impact the department shop chain. Mansell called holiday break season sales “unstable,” noting that “strong sales on Black Friday and through the week right before Christmas have been offset by softness in early November and December.” Lundgren, on the other hand, said “the holiday break season displays the broader difficulties struggling with much of the retail field.”
—CNBC’s Krystina Gustafson contributed to this report.