Check out the retailers that weren’t helped by tax rebates.
 
We’re talking about Staples and Saks, which both have been hurt by tough economic conditions. Staples said retail sales in North America fell about 1 percent in the second quarter and same-store sales fell 7 percent in the region.
 
Europe was also weak, with same-store sales down 7 percent there, too.
 
Saks, meanwhile reported a wider loss in the quarter and said it expecting operating margin for the year to decline.
 
While many retailers have been reporting better-than-expected profits for the quarter, a lot of them have cited the tax rebate checks consumers received as one of the reasons.
 
But Saks especially is a retailer that arguably would have been less helped by the stimulus plan, given its more affluent customer base. And Staples also did not talk about the checks.
 
So that could be a reminder that the economy is still weak and consumers are still stretched. And many of those checks have already been spent.
 
Also in the basket:
 
Prices continue to heat up 
 
Home Depot  beats estimates, keeps full-year view
 
Target quarterly profit drops

(Reuters photo)