The retail sector's first-quarter operating income fell 57.7% compared to last year, marking the worst quarter on record.
This marks the worst retail earnings performance since the group began tracking retail earnings in the late 1990s.
While earnings gaps have been widening in previous years between mall and non-mall retail earnings, the difference grew significantly this quarter as mall-based retailers had to close in many places due to the pandemic. First-quarter earnings for mall chains plummeted 626%, but off-mall companies saw only a 26% income drop.
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