American clothing & footwear stock prices nosedive

19 Mar '20

2 min read

Pic: Shutterstock

Coronavirus cases have been detected in all 50 US states, with death toll crossing 100, apparel and footwear companies across the country are temporarily closing their stores. The virus pandemic has also pulled down stock prices of garment and footwear companies, including major names like Nike, Under Amour, Levi Strauss, Skechers USA and Crocs.

American women's clothing and accessories retailer Chico's FAS saw its share price dropping by a substantial 60.52 per cent on New York Stock Exchange (NYSE) from $3.80 at close on March 2 to $1.50 at close on March 18, 2020. Likewise, share price of clothing retailer Tilly's fell 39.44 per cent to $3.70 on March 18 on NYSE.

Stock price of the Nasdaq-listed shoe manufacturer Crocs too nosedived 59.08 per cent from $26.54 on March 2 to $10.86 on March 18. Stock price of another Nasdaq-listed business Steve Madden, a fashion accessories company, dropped 46.11 per cent to close at $17.63 on March 18.

Multinational corporation Nike too felt the virus heat and its NYSE stock price fell from $92.68 on March 2 to $68.04 on March 18, registering a decline of 26.58 per cent. Share price of another footwear company Skechers USA dropped 38.04 per cent to $20.65 during the period under discussion. Similarly, stock price of footwear and apparel manufacturer Under Armour decreased 40.83 per cent during the period to $7.39.

Levi Strauss & Co, the well-known jeans manufacturer, witnessed a drop of 30.66 per cent in its share price, which fell to $12.39 on NYSE.

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Fibre2Fashion News Desk (RKS)

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