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Consumer Cos Down After Mixed Retail Sales -- Consumer Roundup

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02/14/2020 | 06:19pm EDT

Shares of retailers and other consumer companies fell after a mixed retail sales report.

Retail sales, a measure of purchases at stores, at restaurants and online, increased a seasonally adjusted 0.3% in January from a month earlier, the Commerce Department said.

There was a downward revision to December estimates, showing that consumer was "not as exuberant at the end of the year," said Quincy Krosby, chief market strategist at Prudential Financial. "That said, the U.S. consumer was spending: gasoline prices were down so there wasn't as much spending there. But the consumer was spending on going out to eat...it wasn't as if the consumer faded completely."

The University of Michigan's index of consumer sentiment increased to 100.9 this month from 99.8 at the end of January, close to the survey-based index's postrecession peak.

Cole Haan filed for an initial public offering, some seven years after private-equity firm Apax Partners bought the fashion retailer known for its shoes and handbags from Nike, as reported earlier.

Shares and bonds of Kraft Heinz fell after Fitch Ratings pushed its rating of the company into junk territory following a disappointing earnings report.

After the Tokyo close Thursday, Nissan Motor axed its full-year dividend in light of weaker-than-anticipated quarterly operating profits, amid diminished demand. Nissan's French partner Renault posted a decline in profit and warned about the cloudy outlook for demand, given the coronavirus outbreak.

Write to Rob Curran at rob.curran@dowjones.com

 

Stocks mentioned in the article
ChangeLast1st jan.
NISSAN MOTOR CO., LTD. 0.38% 366.8 End-of-day quote.-2.68%
PRUDENTIAL FINANCIAL, INC. -2.95% 53.04 Delayed Quote.-43.42%
PRUDENTIAL PLC -4.84% 1030 Delayed Quote.-28.81%
RENAULT -7.45% 17.926 Real-time Quote.-57.50%
THE KRAFT HEINZ COMPANY -2.14% 24.24 Delayed Quote.-24.56%
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