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JPMorgan Retail Ace On Earnings: Department Stores Are Losing Relevance

JPMorgan Retail Ace On Earnings: Department Stores Are Losing Relevance

How bad has earnings season been for retailers and department stores? According to JPMorgan's Matthew Boss, the answer is concerning for investors who hold positions in some of names.

Speaking to CNBC, Boss said earnings for the group haven't been this bad since the 2008 financial crisis.

"I think the department store sector is losing a degree of relevance," he said. "I do think the consumer is also finding more convenient ways to shop and are looking for value."

Boss continued that department stores are not delivering on these two key criteria.

Meanwhile, the analyst is expecting off-price retailers to report a "completely different picture" in their earnings reports next week.

On the other hand, J. Rogers Kniffen Worldwide Enterprises' CEO Jan Kniffen also pointed out during the segment that J C Penney Company Inc (NYSE: JCP) reported a better-than-expected loss but worse-than-expected revenue print.

Related Link: JC Penney Invites Investors' Wrath

Kniffen continued, "there is nothing wrong with the consumer" as retail and department store customers continue working at higher wages while boasting a "good attitude." However, the consumer is spending their money on experiences, cars and homes - just not at the department stores.

Latest Ratings for JCP

Nov 2019B. Riley FBRMaintainsNeutral
Mar 2019B. Riley FBRMaintainsNeutralNeutral
Dec 2018CitigroupInitiates Coverage OnUnderweight

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