Earnings

Department store stocks fall on the heels of Macy’s dismal earnings

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Shares of Nordstrom, Kohl’s, Dilliard’s, and J.C. Penney tanked Wednesday after Macy’s lowered its profit outlook in an earnings miss that underlined challenges in the retail sector.

Macy’s stock sank 17%, while Nordstrom skidded 11%, Kohl’s fell more than 9%, J.C. Penney dropped 6% and Dilliard’s was 4% lower.

Outside the department store sector, declines weren’t as severe. Big-box retailer Target fell 2.5%, while Walmart, which is scheduled to report earnings Thursday, was slightly down.

The decline in retail stocks happened against the backdrop of a broader market sell-off with the Dow Jones Industrial Average slipping more than 450 points at the open. The plunge in stocks was sparked by…



Source cnbc.com

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