Wednesday, April 30, 2014
Fears About Mall Shopping Hit Retail Stocks
Hunter Communications Original News Source:
New York Post
Link to article:
Retail Shares Take Hit on Fears that Shopping Mall Business is Falling
Excerpt: "Shares of struggling chains, including JCPenney, Sears and Aeropostale, got whacked Friday on jitters that business at shopping malls is sputtering.
JCPenney shares dropped 9.6 percent to $7.70, while Sears and Aeropostale fell 5.2 percent and 5.7 percent, respectively.
The S&P Retail Index, reflecting widespread uneasiness, fell 4 percent this week.
A disappointing monthly sales report from Gap late Thursday, revealing that the owner of Old Navy and Banana Republic had comparable sales that fell 6 percent in March, helped fuel the sector-wide sell-off.
'The mall is awash with apparel inventory,' Cowen & Co. analyst John Kernan wrote in a Friday research note."