Jefferies reined in expectations for back-to-school sales after its consumer survey showed a ‘marked shift’ in customer intentions to buy apparel this fall.
Jefferies surveyed over 500 consumers to gauge shopping intentions for the 2017 back to school season and concluded that department stores and specialty apparel are set for the most cutbacks.
“Respondents anticipate spending less at almost all department stores surveyed,” wrote Jefferies analyst Daniel Binder. “Data for JC Penney, Sears, and Macy’s is concerning given these concepts show sharp anticipated declines in purchase intentions this year and/or they are marking two consecutive years of declines.”
Source: Investment Cnbc
Investors should be concerned about these retail stocks into back-to-school season, Jefferies warns