Macy’s latest earnings report was “pretty ugly,” Jan Kniffen, a consultant to investors in retail companies and a former industry executive, told CNBC on Thursday.
“It sure as heck was not what we expected,” Kniffen said during an interview on “Squawk Box.”
Macy’s reported earnings, revenue and same-store sales — a metric closely monitored for retail stocks by Wall Street — on Thursday that all missed estimates, sending its shares tumbling more than 10 percent.
Meanwhile, department store operators Kohl’s and Dillard’s, which also announced earnings Thursday before the bell, were pretty much “above plan” as far as what they reported, Kniffen said. “But everyone was tough on sales.”
Looking ahead and considering the competitive retail landscape today, all the full-line department stores — Macy’s, J.C. Penney,…