Tell us again how the economy is supposed to come roaring right back when retailers are reporting numbers like these?
WSJ: Discounter Target Corp. reported that sales at stores open at least a year were down 6.2% from the year earlier in the quarter ending in July, while luxury purveyor Saks Inc. reported a 15.5% drop in same-store sales over the period as shoppers stuck to buying basics. Building-supply chain Home Depot saw total sales drop 9.1% in the quarter ending in July, and it reaffirmed expectations of a 9% sales drop this year…
Tuesday’s results come on the heels of Wal-Mart Stores Inc.’s disappointing report last week that same-store sales in the U.S. slid 1.2%. Also last week, the Commerce Department announced that July sales, which encompasses a wide swath of retailers, fell after two months of gains...
Retailers are bolstering profit margins by reining in expenses and cutting inventories. Hoping to avoid the massive markdowns of last year, retailer Neiman Marcus said it has cut its purchases 25%.
Reminder: Consumers account for 70% of the spending in the economy.
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