Weak June retail sales push shoppers toward discounts
June same store sales show weakness across sectors with Abercrombie & Fitch down 32 percent and mall clothing hit hardest. Wal-Mart expected to benefit from trendy electronics but data excludes its figures. Analysts warn of delayed recovery, while Costco slips from last year but Ross Stores and TJX show limited positives as stimulus lingers.
MENTIONED IN THIS ARTICLE
New York
Abercrombie & Fitch
Wal-Mart Stores Inc
Michael Dart
Kurt Salmon Associates
Ken Perkins
Retail Metrics LLC
Costco Wholesale Corp
Michael P. Ni
San Jose
Calif
Jobless claims show economy remains weak despite decline
The Labor Department reports 565000 new unemployment claims last week, down 52000 from the prior period due to auto-related layoffs. Economists warn the drop reflects timing shifts, not a solid recovery, as nearly 7 million Americans still rely on unemployment benefits and the job market remains depressed.
MENTIONED IN THIS ARTICLE
Washington
Labor Department
Target Corp Faces Slump Despite Cost Cuts
Target Corp. struggles as nonessential goods like jeans and towels hurt same store sales, dropping 6.2 percent. Executives expect second-quarter profit to meet or beat estimates after a reported successful cost-cutting campaign.
MENTIONED IN THIS ARTICLE
Discounter Target Corp
GM seeks brand shift to restore profitability and investor appeal
GM plans a management overhaul to streamline bureaucracy and regain profitability as sales dip below 10 million in the first half. Analysts foresee a modest year end rebound while GM weighs a new name and continued model updates amid government and union ownership stakes.
MENTIONED IN THIS ARTICLE
Obama
Rick Wagoner
United Auto Workers Union
Distress Sales Cloud Home Value Readings
Selig notes delays in reporting sale prices while real estate groups differentiate foreclosure and conventional sales. In May the Orlando Association found distress sales median at 140000 versus 165000 for normal sales. Les Simmonds stresses clarity as foreclosures affect values and inventories shift, a process that could take time.
MENTIONED IN THIS ARTICLE
Selig
Zillow
Orange County
Fla
Bill Donegan
Orlando Regional Realtor Association
Les Simmonds
Orlando
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