The pressure on the consumer is shifting to retailers, as earnings from industry giants Target (TGT) and Macy's (M) point to ongoing weakness in the consumer...
topping Wall Street expectations on profit and revenue. The retail powerhouse also saw a 3% increase in store traffic during the quarter. However, Target 's full-year guidance remains cautious, reflecting the ongoing consumer spending slowdown.
That's off nearly 10% in the earnings release CEO Tony Spring calling the results quote strong in a quote, challenging consumer environment here to discuss. Uh, target's traffic did increase the company cut prices or start to cut prices in May on 5000 daily essentials like meat and bread and milk consumer responding to that.Uh and then also number two here again, like I mentioned lowering prices and discounts are helping.
That's what Macy's CFO told Yahoo Finance this morning, we did see softer sales that even Macy's expected in the quarter was down 4%.Bloomingdale's source store sales growth rather dropped 1.1%. They believe that with this bold new chapter strategy, they have in place, it will then bring them above the premium value that Arc House did offer earlier this year.
So for so long, Macy is one of those names and a handful of other department stores that can't really turn it around.And we, we heard from Walmart last week they had strength and apparel Target saw a comeback quarter in apparel, strong area.So that's point number one point number two.
Macy's Wall Street Expectations Consumer Spending
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Target and Macy's, Walmart-JD.com, Obamas at DNC: 3 ThingsTarget (TGT) shares are seeing major gains in Wednesday's pre-market trading after the retailer reported a second quarter earnings beat. Target cut prices on...
Read more »
Macy's to report Q2 earnings as it doubles down on new strategy, ends buyout deal discussionsMacy's is set to report its Q2 results against a difficult consumer backdrop.
Read more »
Macy's misses on Q2 sales as it opts for doubling down on new strategy over buyout dealMacy's is set to report its Q2 results against a difficult consumer backdrop.
Read more »
Macy’s tempers annual revenue forecast on weak demand for pricier goodsMacy’s now expects annual net sales of $22.1-billion to $22.4-billion, compared with its prior forecast of $22.3-billion to $22.9-billion
Read more »
Macy's misses quarterly revenue estimatesMacy's missed market expectations for quarterly revenue on Wednesday as lingering weakness in U.S. consumer spending hurt demand for big-ticket, non...
Read more »
Nvidia receives price target lifts over new AI chip for ChinaNvidia (NVDA) shares get a bump higher ahead of Monday's market close after two separate analyst teams raised their price target on the chip stock: Loop...
Read more »