U.S. retail stocks slide on hotter-than-expected inflation data

Big 5 Sporting Goods

13/07/2022 14:06

** * Shares of U.S. retailers slip following
hotter-than-expected inflation data in June 
    ** U.S Labor Department report shows the largest annual
increase in inflation in 40-1/2 years, sparking a broad market
selloff  .N   urn:newsml:reuters.com:*:nL1N2YT184
    ** Walmart  WMT.N  and Target  TGT.N  slip 0.4% and 1.5%,
respectively; The retail bellwethers sparked a selloff in stocks
earlier this year after warning that inflation was eating into
consumer demand and corporate bottom lines
    ** Costco  COST.O , Kroger Co  KR.N , Best Buy  BBY.N  and
Amazon  AMZN.O  lose 0.6%-2.3%
    ** Department stores Macy's Inc  M.N , Nordstrom  JWN.N  and
Kohl's Corp  KSS.N  fall 1.5%-2%    
    ** Apparel chains Gap Inc  GPS.N , Levi Strauss  LEVI.N  and
Guess  GES.N  down over 2% each, while athletic wear names
Lululemon LULU.O>, Nike  NKE.N  and Under Armour  UAA.N  down
~1.5% each
    ** Home improvement chains Lowe's  LOW.N  and Home Depot
 HD.N  down 1.6% and 1.2%, respectively
    ** S&P 500 Retailing index  .SPXRT  down over 30% so far
this year

 (Reporting by Uday Sampath in Bengaluru)
 ((UdaySampath.Kumar@thomsonreuters.com; Twitter: https://twitter.com/sampath_uday
  ;))