Retail

First-quarter retail industry operating income falls 58%

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Even when the Great Recession dampened consumer confidence and drove up unemployment things weren’t as bad for retailers as they have been during the current Covid-19 crisis, according to a new analysis from Retail Metrics.

Days after the World Health Organization declared a pandemic in March, retailers across the U.S. were forced to shut their doors for many weeks to help stem the spread of the virus. The result: The retail sector’s first-quarter operating income fell 57.7% compared with last year – and 71.1% when not including Walmart, which was allowed to keep operating to sell essential items like food, a new report said Friday.

This marks the worst retail earnings performance…



Source cnbc.com

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