3 Likely Winners in the Apparel Retailing Boom
Many retailing stocks were hit hard during the pandemic. Unlike big-box peers that were deemed essential, clothing sellers had to shut down most of their stores during COVID-19 lockdowns. These customer traffic restrictions continued into early 2021 even as the global vaccine rollout gained steam.
But there's a rebound in sight. Recent retailing estimates from the U.S. Census Bureau showed that apparel sales jumped in March, rising 18% compared to February and doubling compared to a year earlier. Let's look at why Nike (NYSE: NKE), TJX Companies (NYSE: TJX), and Target (NYSE: TGT) are all set to benefit from this retailing boom.
In mid-March, Nike announced a surprise sales slump that helped push the stock lower for 2021 even as the market sets new highs. Revenue fell 1% in the period that ended in late February, marking a jarring change from the prior quarter's 7% increase.
Source Fool.com
