The Coronavirus Is Hitting The Retail Industry Hard
The coronavirus poses such a threat to the retail industry that it was mentioned 160 times on 19 different retailer earnings calls in the past two weeks, according to research by Amenity Analytics. High-end retailers like Canada Goose are concerned about declining foot traffic and sales from Chinese tourists to U.S. stores. In addition, brands that source materials from Chinese factories are already facing shipment delays. Sportswear brands such as Nike and Under Armour that have stores in China have also cited the impact. Tapestry—whose brands include Kate Spade and Coach —acknowledged that the virus outbreak will have a negative sales impact of as much as $250 million for the fiscal year, for which it is forecasting revenue of $5.9 billion, according to a recent Securities and Exchange filing. Read more at Ad Age.