Macy’s Inc. and other mall-based retailers said sales petered out at the end of the year as they continued to lose customers to discounters and e-commerce, highlighting how not all chains are positioned to benefit from a strong U.S. economy.

The year-end results—and a weak profit outlook from Macy’s—clouded what have been upbeat expectations for the holiday sales season with consumers showing a hearty willingness to spend.

The...