Retailers struggle in June

July 9, 7:58 AMEconomy ExaminerCharles Sherry

Previous Next

Comment Print Email RSS Subscribe

Subscribe

Get alerts when there is a new article from the Economy Examiner. Read Examiner.com's terms of use.

Email Address   Include other special offers from Examiner.com Terms of Use

(AP Photo/Steven Senne)

Retailers ran into 9.5% unemployment in June and the worst recession in decades, while unseasonably cool and wet weather in parts of the country kept seasonal items like summer clothes and bathing suits on the shelves.

Same-store sales, a key metric for the industry, fell at many of the nation's largest outlets. Costco Wholesale (COST) reported a 6% drop last month for stores that have been open for at least one year.

Target (TGT) didn't fare any better, falling 6.2%, while Kohl's (KSS) declined 5.6%, Nordstrom (JWN) slid 10%, and J.C. Penney (JCP) declined 8.2%.

Discounters, however, are seeing some action, as Family Dollar Stores (FDO) reported yesterday that fiscal 3Q same-store sales jumped 6.2%.

Consumer confidence has been perking up in surveys, but many are still focusing on savings and debt repayment while reserving their income for chains that offer discounts.