Large US Retailers See Softness In April Sales |
| Fox Business - May 3, 2012 |
Large U.S. retailers delivered disappointing sales for April, with Macy's Inc. (M), Target Corp. (TGT) and Saks Inc. (SKS) all falling short of expectations that were set low to compensate for a lack of Easter buying as the holiday occurred early this year.
The early Easter set up a powerful showing in March that largely didn't extend into April. Last month was also hit by colder weather in its latter half and gasoline prices that ratcheted higher.
April same-store sales rose 2.2% for the 18 retailers that report figures, according to analysts polled by Thomson Reuters. This represented the weakest monthly showing in a year and a half. The 2.2% increase compares with an 11.1% gain a year ago when Easter fell on April 24 and is beneath the range of 3% to 5% that retailers have been reporting so far this year. For March and April combined, to show the shift of the Easter holiday to early April this year, retailers reported a 4.5% gain. The growth is down from a 6.4% rise over the same two months last year.
Read more: http://www.foxbusiness.com/news/2012/05/03/large-us-retailers-see-softness-in-april-sales/#ixzz1tpSNjKw0
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- Posted: 2012-05-03 12:15:03
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