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Retail and apparel investors just got hit again; this time it's Kohl’s posting weak Q1 earnings.
Kohl’s recorded earnings of 31 cents a share, well below the 37 cents estimated by analysts, and same-store sales tumbled 3.9%, Bloomberg reports. As the retail rout continues, weak spending on clothes is hurting stocks and retailers alike.
“They’re not buying apparel, that’s the simple answer,” the struggling retailer’s CEO, Kevin Mansell, said on an earnings call.
And Kohl’s isn’t alone—shares of Macy’s plummeted 15% Wednesday, Walmart slipped 3.5%, and Target experienced its biggest drop since January 2011, falling 5.5%. [Bloomberg]
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