Kohl's big fiscal first-quarter comparable sales miss is stirring up more reminders of the huge nosedive retail took during the most recent recession.
The low-price department store chain on Thursday said its comparable sales slid 3.9 percent during the recently ended quarter, representing its biggest drop in that metric since the first quarter of 2009. During that period, the retailer's comparable sales fell 4.2 percent.
Analysts had expected Kohl's to report a slight uptick in comparable sales.
Kohl's big sales miss came just one day after Macy's reported a weaker-than-expected comparable revenue decline of 5.6 percent, which also marked its biggest drop since the recession in 2009. In the wake of Kohl's results, its shares slid more than 11 percent, to around $34.30, midday Thursday. The company's stock had previously not traded as low since March 2009.
"There seems to be some more [macroeconomic issues] given the performances of both ourselves and the competition," CEO Kevin Mansell told analysts on a conference call.