Retail's ghosts of Christmas past

The sharemarket response to growing retail malaise has been ferocious, and the poor lead-up to Christmas in comparison to previous years puts more pressure on the beleaguered sector.

The sharemarket response to Kathmandu’s shock earnings downgrade was telling in its ferocity, particularly as there had been a significant sell-off of retail stocks already this month.

Given the swelling stream of downgrades from retailers, it shouldn’t have come as a surprise that Kathmandu has been impacted by the retail malaise. The surprise lay in the speed and extent to which sales and earnings have fallen away.

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