Black Friday is here, and apparel sellers with anything less than a sparkly outlook for the holiday season have been trampled.
Nordstrom , which actually beat Wall Street expectations on quarterly sales but reported a worse-than-expected bottom line, saw its market capitalization shrink by $1.5 billion, or almost 30%, after it reported earnings on Tuesday evening. Gap , which said it could lose up to $650 million of sales for the full fiscal year due to inventory constraints, saw its market value drop by $2 billion, or almost a quarter, after its own quarterly report. For Foot Locker , even a mental association with footwear, which leans heavily on factory closure-affected Vietnam for supply, was enough to send prices tumbling. Foot Locker’s shares are down 13% since the company reported decent earnings that beat Wall Street estimates.