Amazon will become top U.S. apparel seller in 2018, says Wells Fargo - InvestingChannel

Amazon will become top U.S. apparel seller in 2018, says Wells Fargo

Wells Fargo’s retail analysts estimate Amazon.com (AMZN) will become the number one seller of apparel in the U.S. in 2018. According to Euromonitor, U.S. sales of apparel/footwear on Amazon’s platforms approached $25B last year, trailing only Walmart’s (WMT) $29B as the largest seller of the category domestically, Wells Fargo tells investors in a research note. The firm now estimates that Amazon’s apparel/footwear gross merchandise volume will leap Walmart and exceed $30B in 2018. Amazon is still gaining customers and taking share of web-browsing time and survey work points to a “long runway,” Wells contends. It has an Outperform rating on Amazon with a $1,875 price target. The stock closed yesterday down $6.45 to $1,689.30.