Moody's says department store closures to slow significantly

Department stores had a weak first quarter, "thanks largely to a slowdown during the all-important holiday season," according to a Moody's report emailed to Retail Dive. The generally poor performance in the sector led the service to lower its forecast for operating income. Moody's now expects operating income to decline by 10% in 2019, "twice the decline we had previously called for and worse than the 6% decline in 2018," the report said.
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