Retailers are slumping on declining February sales

Department store stocks are taking a beating on Monday, following word that February store sales slumped amid declining store traffic.

Sales slumped 17% from January 31 to February 23 compared to the same period last year, Bloomberg reports, citing First Data figures. The drop came as store traffic decreased 16.3% during the same period.

RELATED: Major retailers closing in 2017:
Retailers closing stores in 2017
See Gallery
Retailers closing stores in 2017

Additionally, growth in digital sales surpassed same-store sales growth in the 4th quarter of 2016.

Here's a look at the sector's performance in the aftermath of the sales figures, as of 11:51am ET:

Screen Shot 2017 03 06 at 12.04.08 PMMarkets Insider

NOW WATCH: A Navy SEAL explains what to do if you're attacked by a dog

More from Business Insider:
Buying these 9 gadgets will save you money this year
Learning Excel isn't just for finance professionals — here's how it can boost anyone's productivity at work
Conservative writer who talked to Trump after wiretap tweets: 'I haven't seen him this pissed off in a long time'

SEE ALSO: Airline stocks slide as Delta warns on margin pressures

Read Full Story

Can't get enough business news?

Sign up for Finance Report by AOL and get everything from retailer news to the latest IPOs delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.