Large US retailers are slashing their earnings forecasts on Thursday because of steep discounts offered during the holiday season to coax reluctant customers - AFP Photo.
NEW YORK: Many large US retailers slashed their earnings forecasts on Thursday because of steep discounts they offered during the holidays to persuade reluctant consumers.
The discounts boosted overall industry sales but hurt profits at many chains, including L Brands Inc, Family Dollar Stores Inc and teen retailer Zumiez Inc. Even retailers that reported big sales gains, like Kay Jewelers parent Signet Jewelers Ltd, were not spared.
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