Shares of department stores are taking a bath as another round of disappointing earnings reports weighs them down.
Reports from Macy’s and Kohl’s have those stocks lower in early trading while Nordstrom shares are sinking ahead of its quarterly report, which is scheduled for after Thursday’s closing bell.
Here’s a look at the scoreboard as of 10:31 a.m. ET:
Aside from missing on earnings and revenue, Macy’s said
comparable sales on an owned-plus-licensed basis contracted by 4.6% in the first quarter, missing analyst forecasts of a 3.5% year-over-year decline. While Kohl’s beat on earnings, its sales fell short of Wall Street estimates.
Nordstrom will release its first-quarter results after markets close on Thurssday. Analysts are expecting earnings of $US0.27 a share on revenue of $US3.33 billion.
The results highlight the troubles retailers are experiencing. Retailers have been shutting down stores and filing for bankruptcy at rates not seen since the financial crisis.
Macy’s, Sears, JCPenney, and more than a dozen other national retailers have announced mass store closings. The total stands at more than 3,200 stores so far this year.
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