WSJ: Retailers' Sales Come In Weaker Than Expected

Soft Results Reinforce Fears About Consumer Confidence;
Discounters Saw Biggest Hit

By KORTNEY STRINGER
Staff Reporter of THE WALL STREET JOURNAL
September 3, 2004; Page A3

The back-to-school shopping season got off to a sluggish start, as midprice department stores, discounters and specialty-apparel retailers rung up disappointing sales in August, reinforcing concerns that consumers are feeling the effects of a shaky and uneven economic recovery.

Upscale shoppers helped luxury department-store chains post hefty gains. Moderate- and lower-income shoppers continued to feel the bite of higher gas and grocery bills and lackluster job growth... The soft retail sales were further affirmation that the country's economic recovery may be losing momentum. Recently, car makers said they would cut fourth-quarter production because of slowing sales. Consumer confidence also declined more than expected in August as concerns about the job market grew.

(snip)

Upscale department stores posted strong gains. Neiman Marcus Group Inc., Dallas, said same-store sales jumped 15% for its Neiman Marcus Stores and Bergdorf Goodman units combined, citing strength in designer handbags. Same-store sales at Nordstrom Inc., of Seattle, rose 7.2%, on brisk demand for accessories.

(snip)

Write to Kortney Stringer at kortney.stringer@wsj.com

URL for this article:
http://online.wsj.com/article/0,,SB109412440411407929,00.html

That's all that matters. Poor people can't afford clothes that look good anyway and they have no taste.

"Upscale shoppers helped luxury department-store chains post hefty gains. Moderate- and lower-income shoppers continued to feel the bite of higher gas and grocery bills and lackluster job growth"

Bush's Tax Cuts have helped his base alright. There isn't an "Upscale Shopper" without a 2 Beemers(BMW) these days.

but then, how would Cheney know?

Bush's tax spending is improving consumption of luxuary goods produced over seas.

I was thinking the same thing...higher sales for the top end, but Wal-mart is doing bad. Could it be that they don't even pay their employees enough to shop there???

They're not just providing jobs, they're providing careers!

Besides, everyone knows how easy it is to get by on $6.50 an hour, 25 hours per week!

...for the Iraqi war. As if this proves the occupation of Iraq is a boon for the American worker!

NPR has definitely become a shill for their corporate sponsors.

I agree with your post. Actually, one Walmart employee I knew actually said that to me.