- StockStory Top Pick ANF +5.43%
- KSS +7.49%
Retail stocks were a bright spot yesterday. Shares of Kohl's Corp. (KSS) soared after the retailer increased its forecast for the second straight quarter. Abercrombie & Fitch Co. (ANF) also surged on the back of better results and a boosted forecast, notes Amber Kanwar, host of the In the Money with Amber Kanwar podcast.
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Sales at KSS are still expected to fall, just not as bad as previously thought. This comes after a period of tumult at the discount retailer with the abrupt departure of the CEO in May when it was discovered he had an undisclosed personal relationship with a vendor.
A graph of stock market AI-generated content may be incorrect. There is a big short position – with 27% of shares sold short. That means much of the rally is likely those investors being squeezed and forced to cover.
At ANF, third-quarter net sales hit a record, powered by strength in its Hollister brand. Sales there were up 16% on a strong back-to-school season.
See also: Seasonality: A Key Reason Why to Stay "Risk On" Into Year End
Best Buy Co. (BBY) didn’t get the same exuberant treatment despite raising its outlook for full-year sales. Same-store sales and profit also advanced more than anticipated. This is especially interesting because Best Buy has had to raise the price of some of its goods due to tariffs. Raising their sales forecast against this backdrop suggests customers are still willing to upgrade their tech.
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