caseyresearch.com / By Justin Spittler / May 16, 2017
The bloodbath began last Thursday morning…
By the end of the day, Macy’s (M) closed down 17%. Sears fell 10%. Nordstrom fell 8%. Kohl’s fell 8%. J.C. Penney fell 7%.
Macy’s sparked the selloff by sharing dreadful financial results.
The iconic retailer’s profits fell 39% in the first quarter. Its same-store sales slid 4.6%.
Same-store sales measures the change in annual sales at stores that have been open for at least one year. It’s one of the best ways to track the health of retail companies.
Macy’s also announced plans to shut down 100 stores. That’s 15% of the company’s total store count.
Macy’s CEO Jeff Gennette didn’t rule out additional store closures either, adding, “I’m not going to say that we’re not going to close more stores.”