Retailers at risk from Florida's new $15 per hour minimum wage

  • Morgan Stanley sees upward wage pressure as a cost headwind for consumer retail stocks in general.
  • In particular, the MS analyst team points to the new state-level minimum wage in Florida of $15 per hour (phased in) as a headwind for companies doing business in the Sunshine State.
  • The retail company with the highest store exposure to Florida is Fiesta Restaurant Group (NASDAQ:FRGI) at 47%, according to the firm. Rounding out the top ten at risk of seeing extra costs are Quest Diagnostics (NYSE:DGX), Tiffany (NYSE:TIF), PVH (NYSE:PVH), Smoothie King, J. Alexander's (NYSE:JAX), Dillard's (NYSE:DDS), BJ's Wholesale Club (NYSE:BJ), Bloomin' Brands (NASDAQ:BLMN) and Floor & Decor (NYSE:FND).

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SymbolLast Price% Chg
FRGI--
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PVH--
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JAX--
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