Retailers Rally on Positive Earnings
Better-than-expected earnings at several chains led retailers out of the ditches on Thursday.
After the sector tumbled earlier in the week due to disappointing April sales and a poor showing by
Macy's
, the S&P Retail Index was up 1% to $317.59 in afternoon trading.
Kohl's
(KSS) - Get Kohl's Corporation Report
and
Urban Outfitters
(URBN) - Get Urban Outfitters, Inc. Report
both reported earnings that surpassed analyst expectations, sending department and specialty retailers rebounding.
While shares remained relatively flat, Macy's gained 1% to $11.60,
JCPenney
(JCP) - Get J. C. Penney Company, Inc. Report
rose 2.3% to $27.12 and
Sear's
TheStreet Recommends
(SHLD)
grew 1% to $52.12.
Urban Outfitters received a 4% boost from investors to $19.56, while
Abercrombie & Fitch
(ANF) - Get Abercrombie & Fitch Co. Class A Report
buoyed 6% to $27.02,
Aeropostale
(ARO)
increased 4% to $33.19 and
American Eagle Outfitters
(AEO) - Get American Eagle Outfitters, Inc. Report
flew 2.2% to $14.16.
J.Crew
(JCG)
inflated 6% to$18.82 and
Gap
rose 1.4% to $15.57.
While
Wal-Mart
(WMT) - Get Walmart Inc. Report
posted flat income in its first-quarter and met forecasts, it was not enough to entice investors. Shares of the discounter declined 2.3% to $48.88 in afternoon trading. Rival
Target
(TGT) - Get Target Corporation Report
, however, saw a 1.4% jump to $41.03.
Even office suppliers, which were among the biggest losers on Wednesday, made some substantial gains.
Staples
(SPLS)
was up 2.5% to $19.71,
OfficeMax
(OMX)
bounced 6% to $7.05 and
Office Depot
(ODP) - Get ODP Corporation Report
soared 12% to $3.43.
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