Retail stocks have been trending downward as disappointing earnings and weak holiday shopping outlooks weigh on stock values in the sector. Nordstrom (JWN, Financial), Macy’s (M, Financial) and Walmart (WMT, Financial) are three retail stocks currently reporting active trading this week as values decline. All three stocks are down more than 30% for the year with Nordstrom down 31.94%, Macy’s down 39.63% and Walmart down 34.35%.
Despite the downturn, Mario Gabelli (Trades, Portfolio) of GAMCO Investors recently upped his stake in Macy’s adding approximately 2,000 shares to his portfolio this week. Reporting its earnings results on Wednesday, Nov. 11, the retail department store beat analysts’ average earnings per share estimate for the quarter at 56 cents. Revenue fell just below analysts’ expectations at $5.9 billion versus an average estimate of $6.1 billion.
In an interview with CNBC, Mario Gabelli (Trades, Portfolio) provided his insight on the stock buy and gave his perspective on the broader retail market overall.
