Moody's Investors Service on Monday cut its forecast for department stores, saying now it expects the sector to record a 20% operating income decline this year. That is worse than their previous expectations of a 15% decline and the second time analysts have slashed their forecasts since September.
Off-price and discount retailers continue to take share, thanks in part to their popularity among millennials, according to a report emailed to Retail Dive. The trend helped Nordstrom, which was able to take advantage through its Rack stores, where sales rose 1.2%, while full-line store sales fell 4.1%, Moody's noted.. . . more