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Home»Business»U.S. mid-cap retailers slip after latest batch of results
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U.S. mid-cap retailers slip after latest batch of results

May 23, 2023No Comments2 Mins Read
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NEW YORK, May 23 (Reuters) – Shares of U.S. mid-cap retailers mostly eased on Tuesday as the latest batch of quarterly results included reports from BJ’s Wholesale Club Holdings (BJ.N) and other companies that provided more disappointments for the industry.

Shares of BJ’s closed down 7.3% after the company reported quarterly revenue that missed analysts’ expectations.

Shares of its bigger rival, Costco Wholesale (COST.O), fell 1.4%. Costco has a current market value of about $215 billion compared with BJ’s approximate $9 billion, per Refinitiv.

Shares of Dick’s Sporting Goods Inc (DKS.N) also were down 1.4% on Tuesday even after the company reported mostly upbeat quarterly results.

The broader market extended losses in late-day trading, with the Nasdaq (.IXIC) ending down 1.3%. The S&P 400 mid-cap specialty retail index (.SPMDCSPR) was down 0.8%.

Dick’s Sporting Goods and other retailers fell sharply last week when Foot Locker (FL.N) stock plunged 27% after the footwear retailer cut its annual sales and profit forecasts.

The economic environment for small- and mid-cap retailers especially is becoming more challenging, strategists said.

Debt service costs for smaller companies are expected to rise because of the effect of higher interest rates on adjustable bank loans, said Robert Phipps, a director at Per Stirling Capital Management in Austin, Texas.

Moreover, he said, “now that the world has reopened, consumer spending has shifted from goods to services, and that’s having an impact on retailers.”

Foot Locker’s stock dropped 1.9% on Tuesday, while shares of apparel and footwear company VF Corp (VFC.N), which reports results after the closing bell, was down 3.0%. VF includes such brands as Vans.

See also  There’s A Glaring Sign That Biden’s Jobs Market May Be Much Weaker Than Advertised

Among other retail stocks declining on Tuesday, shares of Urban Outfitters (URBN.O) were down 1.4% ahead of the lifestyle retailer’s quarterly results, also due after the closing bell.

Bucking the trend, shares of Lowes Cos (LOW.N) were up 1.7% after the home improvement retailer reported results.

Reporting by Caroline Valetkevitch; Editing by Lance Tupper and Marguerita Choy

: .

batch Latest midcap results retailers Slip U.S
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