Retailers, consumers and prices
Check Out Line: Not so hot June expected for U.S. retailers
Check out the expected June sales declines at U.S. retailers.
Cooler and wetter weather made things tough for companies, especially those selling summer products in the first three weeks. Overall same-store sales for the month are expected to be down 4.8 percent, according to Thomson Reuters.
“The consumer is still up against too many hurdles to be spending too much money,” Storehouse Partners retail analyst Patricia Edwards said.
Department stores and apparel chains are expected to post the worst drops at 9.4 percent and 5.1 percent, respectively, as consumers turn thrifty and focus on essentials in the recession.
Meanwhile, in another bad sign for a recovery, delinquencies on credit card debt rose to an all-time high in the first quarter as a record number of cash-strapped consumers fell behind on their bills, according to the American Bankers Association.
Also in the basket:
Retailers Do More With Less Inventory (WWD, subscription required)
Tight Squeeze: Making Room For a New Men’s Fashion (Wall Street Journal)
In a Downturn, Jewelers Aren’t So Precious (New York Times)