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Business

Macy’s job cuts hammer retail stocks

By
Lisa Fickenscher
Published Jan. 5, 2017, 12:40 p.m. ET

It’s hangover time for the nation’s largest department stores.

With the news that Macy’s is axing 10,000 jobs, and weak results trickling in from other big chains as shoppers increasingly head to the web, retail stocks are taking a nose dive.

Macy’s shares are down 15 percent at $30.55 on Thursday morning, while Kohl’s shares are swooning by more than 19 percent to $41.81 after both chains warned of disappointing holiday results.

Retail brass blamed diminished foot traffic at malls and shopping centers as more shoppers opt to shop online or eschew stores in malls altogether.

“We continue to experience declining traffic in our stores where the majority of our business is still transacted,” Macy’s Chief Executive Terry Lundgren said in a statement.

That was an admission that while Macy’s has been scrambling to move more of its business online to compete with web retailers like Amazon, it hasn’t been moving fast enough.

The pain at Macy’s, which also owns Bloomingdale’s, will be felt in particular over the next several months.

The mall anchor said some 4,000 store employees lose their jobs with the closure of 68 stores across the country and another 6,000 jobs will be eliminated at the management level.

That could mean significant job losses in New York City, although Macy’s didn’t comment specifically on the Big Apple impact.

After the dismal Christmas showing, Lundgren warned he expects this year will be “relatively consistent” with the dismal holiday showing, citing “the overall trends challenging us and the broader retail industry, and the time needed to execute new strategies.”

Macy’s total sales for the holiday shopping period declined 2.7 percent.

JCPenney didn’t disclose its holiday sales results, but its stock was recently down 6.5 percent at $7.92.

Hudson Bay Company, which owns Saks Fifth Avenue and Lord & Taylor, was recently off 4.6 percent at $12.52. Nordstrom’s shares are down nearly 9.4 percent at $44.31.

“Sales were volatile throughout the holiday season,” said Kevin Mansell, Kohl’s chairman, chief executive in a statement.