Photo: Daniel Goodman / Business Insider
Not since 2009 have retail sales in April been as slow as they were last month. Nine of the 20 retailers tracked by Thomson Reuters missed their sales estimates, and their same-store sales index rose just 0.8 per cent compared to 1.5 per cent estimates.Barbara Kahn, a marketing professor at The Wharton School, says that the slow month should have been at least slightly expected. Since Easter fell in March this year, sales were up in March and expectations for April were then inflated, as she told the Wall Street Journal.
MSNBC.com reported earlier today that Target, Macy’s, and Gap all missed sales estimates. This is too soon to call the down month a trend, but it is certainly a situation worth monitoring throughout May and the rest of quarter two.