Retail Sector In The Red As Weakness In The Broader Markets Takes Toll

Weakness in the broader market had a cascading effect on the retail stocks as economic data from China suggested that growth in the country is slowing. The S&P Retail Index RLX fell 1.04% to 403.47 at 4:39 pm EDT. The biggest loser in the sector was bookstore operator Barnes & Noble Inc BKS, which plunged 14% after reporting wider loss for the fourth quarter. BKS also projected bigger-than-anticipated loss of $0.85 to $1.15 a share for the first quarter. Wal-Mart Stores Inc WMT also lost 1.35% after the retailer said that its Vice Chairman Eduardo Castro-Wright was leaving the post of the president and CEO of Walmart US, the company’s largest sales division due to personal reasons. Among the other key losers were Nordstrom Inc JWN, which lost 0.09%, Tiffany & Co TIF, which fell 0.03%, and Macy's Inc M, which moved down 0.11%.