Walmart, Target exit worst quarter since 1987's Black Monday

Altex Industries

01/07/2022 16:35

(Updates)
    ** Walmart  WMT.N  and Target  TGT.N  declined 18.4% and
33.5% in Q2, marking their worst quarter since 1987's Black
Monday stock market crash
    ** The retail bellwethers marked a slump in demand as
consumers shifted away from high-margin discretionary items amid
decades-high inflation
    
    
    ** Nike  NKE.N  lost 24% and Amazon  AMZN.O  declined 34.8%,
their biggest pct losses since 2001
    ** Department stores Macy's  M.N  and Nordstrom  JWN.N 
dipped 22.1% and 24.8%
    ** Kohl's  KSS.N , which said on Friday its sales talks with
Franchise Group have fallen apart, plunged 41% and had its worst
quarter since the beginning of the pandemic  urn:newsml:reuters.com:*:nL4N2YI0RF
 urn:newsml:reuters.com:*:nL4N2YI29K
    ** Apparel retailers Abercrombie & Fitch  ANF.N , Gap
 GPS.N  and Guess  GES.N  lost 22% to 47.1%, marking their worst
quarters since the pandemic started 
    ** On the other hand, as shoppers turned frugal, dollar
stores emerged relatively unscathed - Dollar Tree  DLTR.O  lost
2.7% and Dollar General  DG.N  gained 10.2%
    

    <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
Retailers take a hit as consumers tighten purses amid soaring
inflation    https://tmsnrt.rs/3R20btr
Walmart, Target see biggest quarterly decline since 1987 Black
Monday crash    https://tmsnrt.rs/3QXLacd
    ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>
 (Reporting by Ruhi Soni in Bengaluru)
 ((Ruhi.Soni@thomsonreuters.com
Twitter: https://twitter.com/ruhithere))