Sales were robust last month. According to the latest government data, consumers spent more in april than expected and thats important because Consumer Spending is responsible for about twothirds of economic output. But it flies in the face of everything that weve heard this week from some of the nations biggest retailers who are struggling to attract shoppers and grow revenue. Jcpenney was the latest to report an unexpected sales drop and cut its gross margin guidance for the year. Steve liesman looks at the possible reasons behind the disc. Reporter a Strong National retail says report for april gave a major boost to the idea that the u. S. Economys in the early stages of a rebound from that weak first quarter. Retail sales grew 1. 3 , beating estimates in auto sales and furniture. Economists looking for 2. 5 Overall Economic growth in the second quarter. But the number raised a troubling question. Why have retail earnings been so lousy . Nordstroms had comparable sales fall 17 , koh
Sales were robust last month. According to the latest government data, consumers spent more in april than expected and thats important because Consumer Spending is responsible for about twothirds of economic output. But it flies in the face of everything that weve heard this week from some of the nations biggest retailers who are struggling to attract shoppers and grow revenue. Jcpenney was the latest to report an unexpected sales drop and cut its gross margin guidance for the year. Steve liesman looks at the possible reasons behind the disc. Reporter a Strong National retail says report for april gave a major boost to the idea that the u. S. Economys in the early stages of a rebound from that weak first quarter. Retail sales grew 1. 3 , beating estimates in auto sales and furniture. Economists looking for 2. 5 Overall Economic growth in the second quarter. But the number raised a troubling question. Why have retail earnings been so lousy . Nordstroms had comparable sales fall 17 , koh
According to the latest government data, consumers spent more in april than expected and thats important because Consumer Spending is responsible for about twothirds of economic output. But it flies in the face of everything that weve heard this week from some of the nations biggest retailers who are struggling to attract shoppers and grow revenue. Jcpenney was the latest to report an unexpected sales drop and cut its gross margin guidance for the year. Steve liesman looks at the possible reasons behind the disc. Reporter a Strong National retail says report for april gave a major boost to the idea that the u. S. Economys in the early stages of a rebound from that weak first quarter. Retail sales grew 1. 3 , beating estimates in auto sales and furniture. Economists looking for 2. 5 Overall Economic growth in the second quarter. But the number raised a troubling question. Why have retail earnings been so lousy . Nordstroms had comparable sales fall 17 , kohls saw them to 4 for the quart
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Drop in quarterly sales, and it lowered its Earnings Guidance for the year, something many investors dont want to see heading into the Holiday Season. And that sent shares lower, falling nearly 14 , its worst day since 2008. Courtney reagan has more on macys meltdown. Reporter for the second straight quarter, the magic was missing at macys. The Department Store beat profit expectations but reported disappointing sales and cut its fullyear earnings forecast. Ceo Terry Lundgren said many of the issues that plagued them during the year have gotten worse, including declining Tourist Spending at its highest volume and most profitable bigcity stores and unseasonably warm weather crimping sales of coldweather merchandise. The reality is, particularly in the northeast, it is much warmer this year than last. And so, we expect thats going to continue. Thats not going to those things are just not going to change dramatically, i dont believe. And at some point in time, you run out of days to sell