Nike, Target lead retailers among biggest Q3 market cap decliners
Nike’s market value fell 19.2% to $137.1B in the quarter, making it the retailer with the largest decline.
Overall, the top 25 publicly traded retailers lost a combined $80B in Q3, according to data and analytics firm GlobalData. Gracio Benher, a business fundamentals analyst at the firm, said that varied earnings outlooks for fiscal 2023 contributed to the decline.
Amazon (NASDAQ:AMZN), Walmart (NYSE:WMT), and Home Depot (NYSE:HD) retained their rankings as the three largest worldwide retailers in Q3 based on market cap. While Amazon (AMZN) and Home Depot (HD) each saw modest declines in market value, Walmart’s (WMT) increased 3.4% to $437.5B.
Amazon (AMZN) lost ~$38B in value in Q3 with its market cap falling to just under $1.3T. GlobalData said the e-commerce giant was negatively impacted by weak consumer spending and rising delivery costs due to higher fuel prices.