Retail stocks are getting crushed
The big box retailer says sales fell 1.3% in the crucial holiday period and now expects fourth-quarter earnings per share of $1.45 to $1.55, lower than its previous outlook of $1.55 to $1.75.
While shares of Target are down about 4.6% following the announcement, other retailers are also coming under pressure. Kohl's and Macy's trade lower by 4.2% and 3.4%, respectively, as they too recently announced disappointing holiday sales. At least part of the problem facing big department stores is Amazon's recent dominance in the clothing space.
Notable stores that no longer exist like they used to:
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