Macy's Brings In Much Lower Sales In June
Shoppers' confidence appears to have waned in June, as overall spending fell sharply, in turn generating small sales for some of the country's largest retailers, Forbes reports.
According to the news source, Macy's, Inc. (NYSE:M), the second-largest department store in the country, was among the worst-performing companies, with a 1.2 increase in same-store sales. This number came in lower than the 2.3 percent increase that many analysts had pegged for the company.
This data speaks volumes of the sentiment of Middle America shoppers, who appear to be growing increasingly nervous about the state of the nation. Consumer confidence dropped in June for the fourth straight month.
"The second quarter is proving to be a real downer for retailers and consumers like. The news from the consumer front has been mostly disappointing," said Chris Christoper, IHS Global Insight’s U.S. economist. "Consumers are holding back, cautious, and losing confidence."
According to Reuters, the lingering high unemployment figures were also influential and the lower retail sales around the nation. Terry Lundgren, Macy's CEO, said the lower sales were "a function of a macroeconomic environment that is stagnant at best."
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