Analyst says colliding events hit Macy's

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NEW YORK (AP) -- A prominent retail analyst says that the shift to online spending as well as the volatile stock market hurt Macy's during the holiday. Sales numbers released Thursday are sending shares of the retailer down by more than 18 percent.

Ken Perkins of Retail Metrics says the two combined elements were an obstruction for Macy's during the most critical period of the year for retailers.

With low unemployment, rising wages and consumer confidence high, there had been optimism about holiday sales receipts. But investors were caught off guard when Macy's cut its full-year earnings and sales forecasts. Kohl's also reported sales numbers that were far inferior compared with last year.