Department Store Stocks Sink In Wake Of Macy's Disappointing Results
Shares of department store chains sank Thursday, highlighting a broad selloff in the retail sector, after Macy's Inc.'s disappointing first-quarter results cast a pall on its peers. The SPDR S&P Retail ETF slumped 2.5%, while the S&P 500 eased 0.6%. Macy's stock plunged 12% in morning trade to the lowest level seen since October 2011, after first-quarter profit, revenue and same-store sales all missed expectations. Kohl's Corp.'s stock , which was up as much as 4.4% earlier in the session after the retailer missed on sales but beat on profit, reversed course to drop 4.1%. Shares of Dillard's Inc. tumbled 10% despite a profit beat, although revenue came up a bit shy. Elsewhere, shares of J.C. Penney Co. Inc. shed 7.3%, Sears Holdings Corp. slumped 6.6% and Nordstrom Inc. dropped 8.2%. Shares of RH , which was formerly known as Restoration Hardware, slid 9.6% even thought the furniture retailer raised its profit and sales outlook.
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