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:
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:
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