BBBY - Retail stocks are underperforming but Walmart and Costco are tracking higher
The retail sector is lower on a combination of Omicron COVID developments and a weaker-than-anticipated retail sales report. Omicron is spreading quickly in the UK to raise concerns outbreaks in the U.S. could lead to lower foot traffic at stores or reduced economic activity. As for the retail sales report, apparel sales were underwhelming during November, up 0.2% month-over-month and just 0.5% higher than a year ago. There are also plenty of analysts still warning on the pricing power ahead in the retail sector as inflation costs rise. Notable decliners on the day include Allbirds (BIRD -8.5%), Chico's FAS (CHS -5.7%), Express (EXPR -6.4%), Bed Bath & Beyond (BBBY -3.0%), The Container Store (TCS -3.8%), Ollie's Bargain Outlet Holdings (OLLI -3.4%), Designer Brands (DBI -3.5%), Victoria Secret (VSCO -2.5%), Dick's Sporting Goods (DKS -1.6%), American Eagle Outfitters (AEO -3.2%) and Macy's (M -4.7%). Walmart (WMT +0.4%) and Costco Wholesale (COST +0.8%)
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Retail stocks are underperforming but Walmart and Costco are tracking higher