{"id":32940,"date":"2019-08-14T16:04:31","date_gmt":"2019-08-14T21:04:31","guid":{"rendered":"https:\/\/insights.tradestation.com\/?p=32940"},"modified":"2019-08-15T10:33:09","modified_gmt":"2019-08-15T15:33:09","slug":"retailers-crash-unsold-merchandise-walmart-beats-earnings-recap","status":"publish","type":"post","link":"https:\/\/www.tradestation.com\/insights\/2019\/08\/14\/retailers-crash-unsold-merchandise-walmart-beats-earnings-recap\/","title":{"rendered":"Retailers Crash as Unsold Merchandise Piles Up: Earnings This Week"},"content":{"rendered":"\n
Retail earnings are off to a bearish start as unsold merchandise piles up and shopping centers go quiet.<\/p>\n\n\n\n
Macy’s (M) started things on a bearish foot yesterday. Not only did profit, revenue and guidance miss estimates. The tone of its release was also dismal:<\/p>\n\n\n\n
“Rising inventory levels became a challenge based on a combination of factors,” CEO Jeff Gennette confessed in the statement. He went on to detail “a fashion miss in our key women’s sportswear private brands, slow sell-through of warm weather apparel and the accelerated decline in international tourism.”<\/p>\n\n\n\n
Tapestry (TPR), parent of brands like Coach and Kate Spade, followed with an even-worse drop this morning. While management cited progress integrating its businesses and growing overseas, the company failed to hit key sales targets and cut forward guidance. TPR cratered to its lowest price this decade.<\/p>\n\n\n\n