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Department-store shares soar after clothing sales jump more than 700% from April 2020

·3 min read
Department-store shares soar after clothing sales jump more than 700% from April 2020

Department store stocks got a big lift on Friday after U.S. Census data showed a year-over-year 726.8% jump in clothing and clothing accessory sales during April 2021. Macy’s Inc. (M) which reports its first-quarter earnings on Tuesday, saw its stock jump 8.9%. Luxury department store Nordstrom Inc. (JWN) was up 7%.