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Rain on your parade[The Water Coolest]
January 10th, 2019 will go down as one of the darkest days in Macy’s history. And that’s saying a lot considering a giant Cat in the Hat balloon once put a woman in a coma following an accident during the company’s namesake Thanksgiving Day parade.
Macy’s “Black Thursday” was the byproduct of lower-than-anticipated holiday sales for a large part of December following a solid Black Friday and Cyber Monday. Shares of the retailer fell more than 18% on the news. And they weren’t alone …
Shares of Victoria’s Secret parent, L Brands, also got crushed following a 6% drop in sales during December despite heavy discounts. The brand blames changing consumer tastes. Because surely it has nothing to do with the company’s systemic fat shaming and its trans-bashing CMO.
It’s not all bad
Of course, there are winners, there are losers … and then there is Amazon. Holiday sales on the e-commerce giant grew a whopping 17% this year. Wipe that sh*t eating grin off of your face, Bezos.
But Amazon wasn’t the only retailer who convinced consumers to shamelessly express their love with material items at an alarming rate. Walmart’s less “trailer-trash” rival (read: Target) posted a 5.7% same-store revenue increase this holiday season. Target credits in-store pick-up and strategically filling the void that Toys R Us left in the brick and mortar landscape.
Despite all this, Target’s shares fell almost 3%. Apparently, the Street wasn’t too jazzed about the big box retailer not raising its guidance going forward.
Macy’s stock has its worst day in history [CNN]
IN OTHER NEWS
BlackRock plans to lay off 500 employees Ford and Jaguar announced massive job cuts in Europe Jeff Vinik will resurrect Vinik Asset Management Jerome Powell reiterates the Fed’s patience in 2019
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