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Retail sector tanks as Macy's and Kohl's get crushed by weak holiday sales

Thursday was not a good day for retail stocks.

The SPDR S&P Retail ETF (XRT) dropped more than 3 percent, weighed down by sharp losses from Macy's and Kohl's, which shed 13.8 percent and 20 percent, respectively.

Macy's said it will likely cut about 10,000 workers and reported that same-store sales, a key metric for retailers, fell 2.1 percent in November and December compared with the year-ago period, signaling weak holiday sales.

Meanwhile, Kohl's slashed its full-year earnings forecast to a range of $3.60 to $3.65 per share, excluding...