From the Daily Reckoning
BY DAVE GONIGAM
Well, well… The S&P 500 is down about half a percent as we write this morning. Which isn’t much in the scheme of things… but it’s the biggest daily drop in a month.
The “retail apocalypse” of which we’ve been saying much this month kicked into high gear this morning. Macy’s (M) delivered its quarterly numbers… and they deposited many feces on the bed.
Earnings were 24 cents a share… way off the “expert consensus” calling for 35 cents a share. Revenue also missed. And same-store sales are down 4.6%, compared with the typical Wall Street analyst’s guess of 2.7%.
At last check, Macy’s shares are down 14% on the day.
But wait! There’s more!
Kohl’s (KSS) delivered an earnings “beat”… but missed on revenue. And same-store sales dropped 2.7%, compared with expectations of 1.2%.
Gone are the days when Kohl’s could thrive…
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