The first half of 2019 was expected to be a boon for U.S. retailers, buoyed by s...
- The first half of 2019 was expected to be a boon for U.S. retailers, buoyed by solid consumer sentiment at home and expansion in China - the market many of them have targeted for the future.
The tensions have hovered as a potential risk for markets for more than two years. But what really unsettled investors in the latest round of earnings calls was retailers admitting that tariffs were starting to bite and how little they had to say on how they could soften the blow. “We have been watching this tariff story play out,” said Tony Scherrer, director of research and a portfolio manager at Smead Capital Management. “There doesn’t seem to be in the immediate term of things getting any better.”
Capri Holdings’ Michael Kors last year had Chinese actress Yang Mi visit their flagship store at Rockefeller Center in New York City for a fan meet-up event and PVH’s Calvin Klein, Tommy Hilfiger and Tapestry Inc’s Coach have all hosted Chinese fashion shows and opened flagship stores in China. Spending by Chinese shoppers, however, is increasingly shifting from overseas shopping capitals like Paris or New York back home, encouraged by cuts in import tariffs and other measures by China’s government to boost domestic spending. That trend has in turn dented sales at labels like jeweler Tiffany & Co that are exposed to falls in spending by Chinese tourists to the United States.Until early May, S&P 500 retail companies were outperforming the broad market, up 23% compared with 17.
FILE PHOTO: Shopping carts outside a Best Buy store in Pasadena, California U.S., February 28, 2017. REUTERS/Mario Anzuoni
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