Many large US retailers slashed their earnings forecasts on Thursday because of steep discounts they offered during the holidays to persuade reluctant customers.

According to Reuters, 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.

Fewer store visits and aggressive pricing at the start of the season by big retailers like Amazon.com Inc. and Wal-Mart Stores Inc. left many chains with little choice but to offer sweeter deals. Many also had too much holiday merchandise, which was ordered in late spring when retail executives were feeling upbeat, the report said.

The discounts did result in a stronger-than-expected 2.4% increase in December sales at nine retailers tracked by the Thomson Reuters Same-Store Sales Index, Reuters said.