The retail sector took a beating today as profit warnings at Macy's (M) - Get Report , Kohl's (KSS) - Get Report and L Brands (LB) - Get Report stoked fears of a tepid holiday shopping season.

Macy's stock lost nearly 14% of its value on Thursday, closing at $30.86 with nearly 30 million shares traded. Kohl's stock fell about 19% to $42.01 with more than 26 million shares traded, while L Brands closed down nearly 8% at $62.04 with about 8 million shares changing hands.

Luxury retailers including Coach (COH) , Fossil (FOSL) - Get Report  and Michael Kors (KORS) also were among the leading decliners today after both Macy's and Kohl's cited weak accessories sales for the downbeat forecasts, with Macy's pointing to softness in handbags and watches specifically.

Coach stock slid 2.62% to $35.29, and Fossil tumbled 7.64% to $25.01.

Michael Kors stock closed down 3.22% to $42.10. The company gets about 12.7% of its revenue from Macy's, according to Bloomberg data.

Other key Macy's vendors including G-III Apparel Group (GIII) - Get Report  and Ralph Lauren (RL) - Get Report  were affected as well. G-III stock declined 4.47% to $28.65 and Ralph Lauren fell 1.73% to $89.05.

PVH (PVH) - Get Report  managed to reverse earlier losses and close the session up 1.08% at $92.96.

The owner of Calvin Klein and Tommy Hilfiger, which gets 8.4% of its revenue from Macy's, calmed investors by announcing this morning that fourth-quarter and full-year earnings should be at the high end of its previous guidance.