Macy’s, Nordstrom, Kohl’s shares rise after July retail numbers announced

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Department store retailers got a boost on Friday after the latest government data showed a 1.2% July increase in U.S. retail sales. Nordstrom Inc. shares rose 5.8%; Kohl’s Corp. stock was up 6.6%; and Macy’s Inc. shares jumped 9.3% on the news. Experts say department store retailers are at great risk during the coronavirus pandemic as mandated lockdowns and consumer fear keep shoppers away from malls and stores. Department stores were under pressure even before COVID-19 due to weakening mall traffic and the shift to online shopping. Moving forward, GlobalData Retail says apparel will continue to feel the pinch as shoppers, who are spending more time at home, focus their dollars on categories like consumer electronics and grocery. Neil Saunders, managing director at GlobalData, notes a 19.6% July decline at apparel stores. Macy’s stock is down 55.7% for the year to date. Nordstrom stock is down 57%. And Kohl’s shares have seen a 52.7% decline. The ProShares Decline of the Retail Store ETF is down 14.8% in 2020 so far while the S&P 500 index is up 4.5% for the period.
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