Retail stocks are only going to get uglier, former department store executive Jan Kniffen said Monday.
“I said last year the fourth quarter is going to be the toughest quarter for retailing,” the CEO of consulting firm J. Rogers Kniffen Worldwide Enterprises told CNBC. “It’s not better this year.”
The S&P consumer discretionary sector has fallen about 2.6 percent from one month ago versus the S&P 500’s loss of less than half a percent.
Kniffen said on “Squawk on The Street” that many stores will post bad traffic and same-store sales comparisons this year. Even Black Friday won’t be enough to save many struggling companies, he said.
All of this is being driven by “things going online,” Kniffen added.
Kniffen said he expects many more bankruptcies, including Sears as early…