U.S. stocks are lower as Asian markets were mostly closed for holidays and the European markets were also trading lower.
Equities were sliding as crude oil pulled back from recent highs. The S&P 500 fell by 7 points to 2,112, the Dow Jones Industrial Average dropped by 52 points to 17,952 and the Nasdaq slipped by 14 points to 4,960. The S&P Retail ETF is dropping by more than 1 percent to $42.36 as retailers continue to report earnings.
Tailored Brands Inc. fell more than 16 percent to $12.90 after the company formerly known as Men’s Wearhouse reported retail sales declined 7.7 percent to $615.7 million from $666.9 million following the market close on Wednesday. Total net sales fell 6.4 percent to $828.8 million from $885.1 million. On an adjusted basis, diluted earnings per share for the quarter were 29 cents, missing the analyst estimate for 45 cents on sales of $842 million. The company did say that business showed some signs of improvement in May.
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Christopher & Banks Corporation stock is up more than 11 percent to $2.26 after the retailer reported that first quarter sales increased 9.2 percent and it trimmed its previous losses. Net income for the quarter was $200,000, or 0 cents a diluted share, up from last year’s net loss of $1.4 million, or 4 cents. This easily beat the FactSet estimate for a loss of 10 cents a share. Net sales for the three months ended April 30 increased 9.2 percent to $100 million from $91.6 million a year earlier. This also topped the FactSet estimate for sales of $96.9 million.
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Francesca’s Holdings Corporation beat its own guidance for the second quarter, causing the stock to rise by 9 cents to $10.53. However, the retailer did give lowered guidance. Net income for the quarter fell to $7.0 million, or 18 cents a diluted share, down from $7.2 million, or 17 cents, a year ago. The FactSet estimate was for 17 cents a share. Net sales for the three months ended April 30 increased 12 percent to $106.1 million from $95 million a year earlier. Comparable sales increased 2 percent.
Looking ahead, Hudson’s Bay Company reports after the market close with the earnings estimates expecting the company to log a 36 cent loss.