Retailers post tepid June, start to discount more |
| The Associated Press - Jul 8, 2010 |
Americans didn't go on many shopping sprees in June, resulting in sluggish sales for many retailers. It often took deeply discounted clothing to get shoppers to spend — and then only if they needed it.
The lackluster performance, being compared with a weak June 2009, is raising concerns about the back-to-school shopping season and the health of the economic recovery.
The International Council of Shopping Centers' index of June retail sales saw a 3 percent increase, the low end of its growth forecast that ranged from 3 to 4 percent. But that's compared with a 5.1 percent decline in the year-ago period.
The figures are based on revenue at stores open at least a year and are a key indicator of retailers' health.
June's results were inflated by a late Memorial Day weekend, which lifted results by 1 percentage point last month and deflated May by the same amount, according to Mike Niemira, chief economist at ICSC.
Read Full Article from The Associated Press
- Posted: 2010-07-08 09:50:55
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