FL - 4 Retail Stocks That Went Up While the Market Fell Today
Shares of a number of retailers climbed higher on Thursday, even as most other stocks were mixed, and the SPDR S&P 500 ETF Trust (NYSEMKT: SPY) finished the day down about 0.3%. Four retailers that saw big share gains are Foot Locker (NYSE: FL), The Michaels Companies (NASDAQ: MIK), Chico's FAS (NYSE: CHS), and Capri Holdings (NYSE: CPRI), which all were up between 4.5% and 17.3% today.
Leading off the group, The Michaels Companies reported first-quarter earnings before the open today. Its results weren't pretty, with sales down 28% on a same-store basis, and a loss of $64 million. This was a little worse than most investors expected, but the company offered some optimism that it should be able to turn things around. As of June 4, the company said, about 1,000 of its 1,273 stores were open and fully operational. That's more than double the number of stores Michaels had open at the beginning of May. The company also said it had over $900 million in cash on the books as of May 2, giving it substantial liquidity to support operations and needed capital spending as the COVID-19 crisis continues to play out.
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