Retailers’ Sales Fall Sharply at Both High End and Low
Retail analysts and executives say they have not seen such a rapid slowdown in consumer spending since the nation’s last deep recession, in the early 1980’s. Retailers across the board reported double-digit losses.
“Retail executives, though braced for bad news, were stunned at the magnitude of the drop-offs reported on Wednesday. Retailers high and low — like Nordstrom, J.C. Penney and Kohl’s — lowered their earnings projections.”
“Sales at Dillard’s dropped 12 percent, compared with a 7 percent decline last year. J. C. Penney’s same-store sales fell 12.4 percent, compared with a decline of 3.7 percent for the period a year ago. Sales at Kohl’s decreased 5.5 percent, compared with a 3.2 percent decrease last year.”
“At Bon-Ton Stores, same-store sales decreased 4.6 percent, and they declined 3 percent at Target.”
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