As the three-month period went on, shoppers spent less, especially on discretionary merchandise, Target CEO Brian Cornell said on a call with investors. Walmart noticed the same pattern.Walmart's Chief Financial Officer John David Rainey attributed the decline, in part, to the end of pandemic-related SNAP benefits and a decrease in tax refunds.
Foot Locker also said it may have to motivate shoppers with markdowns for the rest of the year. The company cut its full-year forecast Friday, as itthat missed expectations. CEO Mary Dillon said in a statement, "sales have since softened meaningfully given the tough macroeconomic backdrop." But it has a factor going for it that some other retailers don't: A growing business in China and other international markets to offset some of those softer sales.
Home Depot's trends were still negative in April but saw a slight improvement as comparable sales slid 3.7%, according to CFO Richard McPhail. Customers may have been buying more spring items such as potted plants., according to a Labor Department report this month. Yet, that's cold comfort for shoppers who are still paying a lot more at the grocery store than they were a few years ago.
For example, he said general merchandise costs in the U.S. are lower than a year ago, but still higher than two years ago. In dry grocery and consumables categories, Walmart is seeing high single-digit to low double-digit cost inflation on items such as toilet paper or paper towels. For food, inflation has climbed more than 20% on a two-year basis, according to Walmart's Rainey.
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