Retail sector down after holiday same-store sales results, outlook announcements, analyst downgrades
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MarketWatch) Major retailers across the sector are down in Friday trading after analyst downgrades, disappointing holiday season same-store sales and quarterly forecasts that are causing concern. American Eagle Outfitters, Inc. AEO, -16.63% has plummeted 16% after it said it could miss fourth-quarter guidance. The company, which reports earnings on March 2, said same-store sales are up 4% for the quarter so far, below the FactSet consensus of 4.9%. Gap Inc. GPS, -14.45% shares are down 15.2% in trading after the company reported negative same-store sales across its three brands - Gap Global, Old Navy, and Banana Republic. Nordstrom Inc. JWN, -4.60% is down 4.5% after a week in which its stock was downgraded by anumber of analysts. And Macy's Inc. M, -2.82% is down 2.9% after it said that holiday same-store sales were down 4.7%, though there had been some positive reaction to the company's announced cost-cutting measures. Also down today are Kohl's Corp. KSS, -5.95% (6.4%), Coach Inc. COH, -2.74% (2.6%), Tiffany & Co. TIF, -3.45% (3.1%), Target Corp. TGT, -2.94% (2.8%), and Kate Spade & Co. KATE, -2.91% (2.2%).
http://www.marketwatch.com/story/retail-sector-down-after-holiday-same-store-sales-results-outlook-announcements-analyst-downgrades-2016-01-08