Cathie Wood, Founder, CEO, and CIO of ARK Invest, tweeted her views on what the retail sector's current dismal state portends for the economy. Cathie noted the latest disappointing results of American retailers Walmart (WMT) and Target (TGT) as an indication of reducing consumer spending, which was reflected by huge inventory stores at both retailers. Pointing out the rise of 20% to 25% in Walmart’s inventory in unit terms, as well as Target’s huge inventory rise of 30% to 35%, Cathie quoted, “In my 45 years in this business, I have never seen such inventory excesses.
https://www.tipranks.com/news/cathie-wood-tweet-raises-concern-as-big-retailers-deal-with-excessive-inventories?utm_source=advfn.com&utm_medium=referral