Pursuits
Retailers Drop as Bad News Keeps Piling Up on 2017's Worst Stocks
- Disappointing sales, analyst downgrades are the latest blow
- Group already hit by concern over mall traffic, import tax
Jason Mudrick Says Retail Is a Mess, to Say the Least
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Retailers, already this year’s worst performing stocks, just got hit by a new round of bad news.
Urban Outfitters Inc. announced a decline in same-store sales while L Brands Inc. was downgraded by Citigroup Inc., whose analyst said the company has so many stores in weakening malls that its negative traffic trends “only seem to be getting worse.”
Casting doubt on broad industry demand, First Data Corp., the payments processor, said point-of-sales data for department stores slumped 10.9 percent in March.