Why These Upscale Retail Stocks Are Crashing Today
Shares of upscale retailers Nordstrom (NYSE: JWN), lululemon athletica (NASDAQ: LULU), and RH (NYSE: RH), the parent company of Restoration Hardware, were all hit hard in trading on Monday. Investors fear that measures to slow the spread of the novel coronavirus will bring retail traffic to a near-halt in the U.S. and Europe for at least several weeks.
As of 1:30 p.m. EDT, shares of Nordstrom, Lululemon, and RH were down about 17%, 20.2%, and 17.8%, respectively, from Friday's closing prices.
The story with all three of these stocks is the same, and it's pretty simple: Retail foot traffic is falling sharply as governments urge consumers to stay home to slow the spread of the COVID-19 pandemic.
Source Fool.com
