Retail Stocks Drop on Comp Weakness

Retail stocks shed value as they entered the last hour of trading Thursday following reports on March comparable sales that disappointed investors, analysts and economists alike. The S&P 500 Retailing Industry Group had fallen 0.4 percent, to 1,132.32, by 3 p.m. with nearly all companies reporting monthly results retreating. RELATED CONTENT: WWD Earnings Tracker >> L Brand Inc., which reported a 9 percent gain for the months against Thomson Reuters’ consensus estimate of a 6 percent increase, was off 0.1 percent to $94.41, while Cato Corp. and Stein Mart Inc., both of which advanced more than expected — 12 pecent and 11.4 percent, respectively — were down 0.3 percent to $38.83 and 0.4 percent to $12.20. While those firms exceeded expectations, the two teen retailers remaining in the comp sample both fell short of expectations and paid a price in market capitalization as trading entered its final hour. Zumiez Inc. was down 5.5 percent to $35.80 after gaining a less-than-expected 5.5 percent last month, and The Buckle Inc. fell 5.6 percent to $46.87 after reporting a 0.5 percent decline in comps. Gap Inc. reports after the close of the markets and is expected to have a corporate gain of 0.6 percent, with Old Navy ahead

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