'Stagnant' economy takes toll on U.S. retailers' June sales |
| Reuters - Jul 5, 2012 |
Stubbornly high unemployment and anxiety about the economy took a toll on top U.S. retailers' sales in June, raising concerns that shoppers are penny-pinching ahead of the back-to-school season.
Costco Wholesale Corp, Macy's Inc, Kohl's Corp and Target Corp all reported disappointing June sales at stores open at least a year.
"In part, this was a function of a macroeconomic environment that is stagnant at best," Macy's Chief Executive Terry Lundgren said in statement.
A steady stream of weak economic reports, stubbornly high unemployment and a volatile stock market hurt shoppers' morale last month, underscored by a tumbling Thomson Reuters/University of Michigan's consumer sentiment index.
Lower-priced retailers, like TJX Cos Inc, which runs the T.J. Maxx chain, and Ross Stores Inc, reported some of the largest gains as shoppers looked for deals on designer-brand clothes and home goods. Both retailers raised their quarterly profit forecasts.
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- Posted: 2012-07-05 13:34:26
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