Though the earnings season has reached its tail end, the main chunk of releases from the Retail-Wholesale sector is yet to come. This time the season has been quite different for retailers. The space has been hit hard by the coronavirus-induced stay-at-home orders, social distancing and some mandatory store closures. As a result, U.S. retail sales witnessed a record decline for the second consecutive month in April. Per the Commerce Department retail sales in April fell 16.4%, following a decline of 8.3% in March.
Per the latest Zacks Earnings Preview report, the sector is anticipated to witness top-line growth of 5% this earnings season, down from an improvement of 7.2% in the last reporting cycle. Again, the bottom line is expected to plunge 21%, following an increase of one percentage point in the preceding season.
Here’s How the Quarter Shaped Up
The quarter that commenced on an upbeat note took