Retailers Issue Gloomy Sales Report for April

[fencesitter]

Source: NYT

It was, in a word, dismal.

From department stores to discounters, the nation’s retailers today reported the worst monthly slump in sales in at least six years for April, blaming wet weather, higher gas prices and a quirk in the calendar.

Sales slid 1.8 percent during the month, well below analysts’ expectations, with bellwether companies like Wal-Mart Stores and Target being the hardest hit.

“Terrible” was the verdict from Ken Perkins, president of Retail Metrics, a research firm. “With Wall Street looking for weak April retail sales,” he added, “retailers did not disappoint.”

Sales at stores open at least a year, a standard measure in retailing, fell 6.1 percent at Target and 3.5 percent at Wal-Mart.

There were a few bright spots — with an emphasis on few. Saks Fifth Avenue, whose return to its classic, luxury roots has resulted in stronger sales over the past year, said sales rose 11.7 percent in April.



Read more: http://www.nytimes.com/2007/05/11/business/11retail.html?hp

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However...."There were a few bright spots — with an emphasis on few. Saks Fifth Avenue, whose return to its classic, luxury roots has resulted in stronger sales over the past year, said sales rose 11.7 percent in April." Hmmmm. what does that tell you?

[Bonhomme Richard]

1. Just wait until gas hits $4.00/gal.

They ain't seen nothing yet.

[Sequoia]

3. Wait until they whine to the White House about it.

Lower the gas prices so people will buy, buy, buy junk at our store.

[HockeyMom]

2. I've noticed even the supermarkets are empty

The shoppers who are there don't have big baskets full anymore either.

Now go to COSTCO and it is a different story. The parking lots are full and I have seen more and more people loading their baskets up with FOOD items more than anything else.

[Megahurtz]

4. Oh But The Wealthy Can Shop At Saks!

:grr: