MarketWatch: Shoppers get more stressed out in September

Shoppers get more stressed out in September
Sales in September are the worst for that month since at least 2000
By Andria Cheng, MarketWatch


NEW YORK (MarketWatch) -- In another indication that stressed-out consumers are cutting back on their discretionary spending, retailers from Gap Inc. and Abercrombie & Fitch Co. to TJX Cos. and Ross Stores Inc. posted disappointing September sales on Thursday, giving lower profit forecasts and a dismal holiday outlook.

The latest results came a day after numerous other retailers, from discounters to luxury emporiums, also missed sales expectations for the month, as the global financial crisis made shoppers even more reluctant to spend.

Foreshadowing what may be a grim holiday selling period, initial results from U.S. retailers showed disappointing September sales. Among 34 retailers that have reported, 71% of them missed estimates, marking the worst September since at least 2000, according to Thomson Reuters, which said it began collecting same-store sales data that year.

Retailers like Ross blamed store closings from hurricanes and tropical storms as well as warmer weather in the western U.S. that hurt demand for apparel. However, they also acknowledged the turmoil in the financial and credit markets, which has dented consumer sentiment and curtailed store traffic.

Discounters were the only segment that posted gains, although many still missed expectations. Consumers focused their spending on food and other necessities while paring back on items they didn't need. ........(more)

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