Retail's rough post-holiday ride
The U.S. stock market rose broadly on Thursday, but a number of retail stocks went south after companies revealed distressing news about their holiday sales.
What happened: J.C. Penney and Kohl’s reported lower sales during the critical months of November and December, and Macy's announced poor holiday sales and the closure of several stores.
The intrigue: All three counted significant losses to their share prices, but nothing compared to Bed, Bath and Beyond, which saw its stock fall 19% during yesterday's session.
- BBBY said its fiscal third quarter sales were significantly impacted by the calendar shift of Thanksgiving that resulted in one less week of holiday sales and it withdrew its 2019 fiscal year guidance.
- The company said it expects sales and profitability to remain subdued.
Flashback: We reported in November that BBBY was one of a handful of retail giants that has refused to accept tariff price increases from their brand suppliers, telling the companies they will have to either eat the tariff costs or find another buyer.
Go deeper: The year of the mall makeover