When you consider the long-term arc of transformation in the retail industry, the lousy results we’ve seen from old-school department stores in the latest earnings season aren’t at all surprising. But when you take a more short-term view, the performance was an undeniable letdown.
After all, it was only a year ago that Macy’s Inc. and Kohl’s Corp. investors, in particular, were sending shares higher after upbeat holiday and first-quarter performances offered hope they were finding their footing. Their latest results point to areas where they may have gone back a step. Same goes for Nordstrom Inc.; as for laggard J.C. Penney Co., it continued to fall behind.
