Retailer Macy’s (NYSE:M) released an earnings report earlier today that also came with cautious guidance for the year. CEO Jeff Gennette pointed to inflation and student loan payments as potential economic headwinds for the retail sector. As a result, Macy’s and other retail stocks fell in reaction to this commentary. This includes:
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- Kohl’s Corporation (KSS)
- Dillard’s (DDS)
- Victoria’s Secret & Co (VSCO)
- Foot Locker (FL)
- Lululemon Athletica (LULU)
- Nordstrom (JWN)
Unsurprisingly, Macy’s saw its stock plunge the most, with shares down almost 14% at the time of writing. Nevertheless, JWM and KSS aren’t far behind, as their shares fell over 10% and 8%, respectively.