Wednesday, April 30, 2014

Fears About Mall Shopping Hit Retail Stocks

Some of the nation's biggest retail companies have fallen in stock prices due to new worries about the softening of shopping mall sales and future forecasts.  Among the chains that have taken this hit are Sears, Aeropostale, JC Penney, Old Navy, Gap and Banana Republic.  The Standard & Poor's Index in the retail segment has fallen in April, reflecting this uncertainty about future sales.

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."

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