Retail stocks are getting hammered this morning, with TJX Companies (TJX) down 6%, Dick’s Sporting Goods (DKS), down 16%, and Urban Outfitters (URBN), down 7%, all falling after disappointing quarterly reports.
TJX, which owns the T.J. Maxx and Marshalls brands, earlier this morning reported first quarter earnings of $US0.64 per share, which was short of expectations for $US0.67, on revenue of $US6.49 billion against analysts’ estimates for $US6.6 billion. TJX also cut its fiscal year earnings outlook.
Dick’s also reported earnings and revenues that disappointed, with the sporting goods retailer citing difficulties in its golf and hunting segments.
Monday night, Urban Outfitters reported same-store sales in its namesake store fell 12% during the first quarter.
Other retailers under pressure today include TJX peer Ross Stores (ROST), down about 3%, Dick’s peer Cabelas (CAB), down more than 5%, and Urban Outfitters teen-retail peers American Eagle (AEO), down 4% and American Apparel (APP), down 2.5%.
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