Shoppers splurged more than $1.52 billion online by Thanksgiving evening, up 16.8% over last year, and more bargain hunters turned up at stores this year as retailers opened their doors early on the eve of Black Friday.
Department store operator Kohl’s Corp reported a lower-than-expected quarterly profit, hit by higher costs and store closures due to hurricanes, sending its shares down 7 percent and dragging the sector down.
Vendors who work with the retailers and consultants who advise big department stores say this year chains are much slower in placing new orders for the holidays, as they deal with declining foot traffic.
Ralph Lauren Corp’s quarterly revenue and profit beat Wall Street estimates on Thursday, selling more of its high-end clothes at full price and keeping a lid on costs, sending its shares up more than 5% on Thursday.
J.C. Penney lost about a quarter of its value on Friday as retail chain slashed its full-year forecast after selling stagnant inventory at heavy discounts, indicating weak sales during the back-to-school season.
Amazon.com Inc said it would hire 120,000 workers in the United States this holiday season, same as last year, joining a list of U.S. retailers cautious about their hiring plans amid an improving job market.