Investing.com - Maybe it will be coal in stockings this Christmas after all.
Department-store stocks plunged Wednesday following weak results and guidance from Macy’s (NYSE:M). The sharp selling came just a day after the Trump Administration’s delay of new tariffs on China, in part to safeguard holiday sales, lifted retailers.
Shares of Macy’s (NYSE:M) fell more than 15% in midday trading, to levels not seen since 2009.
Nordstrom (NYSE:JWN) fell about 11% and Kohl's (NYSE:KSS) also sank about 11%.
Macy’s reported a fiscal second-quarter profit of 28 cents per shares, way off the 46 cents per share expected according to analysts’ forecasts compiled by Investing.com.
Looking ahead, Macy’s said it now predicts a full-year profit of $2.85 to $3.05 per share, down from previous guidance of $3.05 to $3.25 per share.
The company also said its profit guidance does not take into account the impact of the next expected batch of tariffs on Chinese goods delayed until Dec. 1.