In contrast, the department store sub-industry reported the largest year-over-year drop in earnings of all 13 retail sub-industries at -47.8%.
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Market analysts argued that department stores have experienced declining revenue on lower foot traffic as online stores like Amazon (NasdaqGS: AMZN), which recently made an aggressive push into apparel and fashion, have started to take significant market share from traditional brick-and-mortar stores, reports Susaznne Kapner for the Wall Street Journal.
“Some of these stocks are really starting to look beaten up, some of them are down as much as 80 percent, you’re pretty much buying the bottom,” S&P Investment Advisory Chief Investment Officer Erin Gibbs told CNBC.
SPDR S&P Retail ETF
