Macy's also cut its outlook for the year.
Department store shares tumbled Thursday after Macy’s turned in disappointing same-store sales during the critical holiday shopping season.
Macy’s reported a paltry 1.1 percent gain in same-store sales and online sales during the November-December period.
The company cut its outlook for same-store sales in the current fiscal year to 2 percent, down from a range of 2.3 percent to 2.5 percent.
Kohl’s shares also tumbled as the company turned in a weak rise in same-store sales during the critical holiday shopping season.
Kohl’s same-store sales during November and December edged up 1.2 percent, far weaker than its 2017 gain of 6.9 percent.