Here's What Top Retail Executives Are Saying About Their Horrible Quarter
Pretty hard to find good news.
Retail Missing Out on Upswing in U.S. Consumption
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There's not much to like about retailers' first-quarter earnings, and even their top executives are admitting it.
"Clearly, our industry is in something of a rough patch," Macy's Inc. Chief Financial Officer Karen Hoguet told analysts on the firm's earnings call. Looking at the share price of many major retailers, that rough patch becomes obvious. Macy's is down 50 percent over the past year, while Nordstrom Inc. is down 39 percent, and Kohl's Corporation is down 45 percent. The only "highlight" is J.C. Penney Company, Inc. which is down three percent over the past year, but fell another five percent at the market open on Friday.