Retail stocks are having a tremendous day
Stocks for retail giants Macy's, Ralph Lauren, Nordstrom, Dillard's, Kohl's, and JC Penney are all on the rise on Thursday.
The moves come after both Macy's, Kohl's, and Ralph Lauren reported stronger than expected earnings and seemed to set a more positive tone for the industry.
Macy's sales were down 2% and the company said it would close 100 locations, but profit and revenue came in above expectations which seemed to give investors encouragement. Both Ralph Lauren and Kohl's also beat estimates.
While sales number weren't stellar by any means (Ralph Lauren was down 6% year over year and Kohl's were down 1.8% year-on-year), any seemingly positive news is enough for brick and mortar retailers.
Online retailers such as Amazon have cut into the sales of brick and mortar retailers and tastes have shifted to low-cost stores such as fast fashion, but the earnings news on Thursday seems to have assuaged some structural fears, at least for now.
Here's a rundown of some of the big retailers gains as of 11:15 a.m. ET:
- Macy's: +15.5%
- Ralph Lauren: +5%
- Nordstrom: +6.6%
- Dillard's: +6.2%
- Kohl's: +12.8%
- JC Penney: +7.4%