Jefferies reined in expectations for back-to-school sales after its survey showed shifts in customer intentions to buy apparel this fall.
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 more than 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.»
Department store stocks have dropped sharply this year, with Macy’s down 33 percent, Target down 18 percent, and Kohl’s down 12 percent.
