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Macy's, Kohl's sales declines raise turnaround concerns


By Sruthi Ramakrishnan(Reuters) - Shares of department store chains Macy's Inc and Kohl's Corp tumbled on Thursday as the companies continued to report a drop in quarterly same-store sales, stoking concerns that their turnaround may still be a long way off.While the declines in same-store sales were not as bad as feared, gross margins at both the companies slipped as they continued to rely on heavy discounting and promotions, while spending more on shipping online orders.Macy's second-quarter gross margins fell to 40.3 percent from 40.9 percent a year earlier, while those of Kohl's fell to ...

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First Published: Thu, August 10 2017. 21:12 IST