Retail Sales Miss Forecasts In July, Raise Back-To-School Worries
Source: LA TIMES
By Tiffany Hsu
August 8, 2013, 8:36 a.m.
Retail sales for July missed expectations as discounters and teen apparel stores struggled, causing Wall Street to fret about the fate of back-to-school shopping.
A monthly gauge of same-store sales from Thomson Reuters found 4.2% growth from a year earlier, though analysts had expected a 4.4% uptick. Stripping out the effect of drug stores, the industry got a 3.7% boost, which also fell short of predictions.
Discounters reported a 4% rise – a full percentage point below forecasts. The teen apparel category also failed to impress, increasing sales 1.6% instead of the expected 2.1%.
Earlier this week, American Eagle said same-store sales for its second quarter likely slumped 7% while rival Aeropostale projected a 15% decline. Similar chain Rue 21 pre-announced a 5.9% same-store sales dive amid heavy discounts on spring and summer merchandise in its second quarter.
Read more: http://www.latimes.com/business/money/la-fi-mo-retail-sales-july-school-20130808,0,2499585.story?track=rss&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+latimes%2Fmostviewed+%28L.A.+Times+-+Most+Viewed+Stories%29
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