No retailer is safe from the apparel slump.
Ross Stores added its name to the roster of retailers reporting disappointing first-quarter sales, even as competitors in the off-price sector continued to accelerate. Old Navy, which had long been a bright spot in Gap's struggling portfolio, showed a second quarter of weakness, as redundant styles weighed on results.
And Macy's, not long ago a darling of Wall Street, took another blow late Thursday, when Moody's revised the chain's rating outlook to "negative" from "stable." In her downgrade, senior analyst analyst Christina Boni cited softness in apparel spending that she expects to persist.