By ANNE D’INNOCENZIO
NEW YORK (AP) — Mall-based 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.
The sales releases, issued Thursday, come one day after Macy’s reported a small decline in holiday sales though it was better than what investors feared. J.C. Penney says sales at stores opened at least a year dropped 7.5% for the November and December period while Kohl’s posted a 0.2% decline. At L Brands, which operates Victoria’s Secret and Bath & Body Works, the figure dropped 3%.
The weak sales come as overall retail industry sales are expected to rise, boosted by a strong economy.
This story has been corrected to show that the Victoria’s Secret parent is L Brands, not Limited Brands.
Copyright 2020 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.