"March Sales Were Weak as Shoppers Felt Pinched"
"by THE ASSOCIATED PRESS
With little money left after buying food and fuel, American shoppers handed most retailers their most dismal March in 13 years.
As retailers reported sales results on Thursday, Wal-Mart Stores and the Costco Wholesale Corporation were among the few winners, as shoppers stuck to basics. Wal-Mart raised its earnings outlook, noting that better inventory control helped to limit markdowns on merchandise. It also said that April sales should top prior expectations.
But March proved to be bleak for most others, including the J. C. Penney Company, Gap, and Limited Brands. All of them reported sharp drops in sales. Even high-end department stores like Saks languished; Saks noted that jewelry and designer women’s apparel were among the weakest areas.
Merchants faced numerous obstacles to improving sales: record gas prices, rising food costs, a weaker job market, slumping home prices and an early, frigid Easter.
What happened to global warming?
“Consumers are buying what they need,” said Jennifer Black, president of Jennifer Black & Associates, an equity research company in Lake Oswego, Ore. For everything else, shoppers are being pickier and focusing on discounters, she said....
Wal-Mart was a bright spot.... The company also benefited from strong sales of groceries, video games and other electronics.
Costco posted a 7 percent gain in sales, higher than expected, with much of the gain coming from gasoline sales....
Sellers of teenage goods, which typically are more recession-proof than other categories, stumbled last month, too."
Uh-oh!
What will the U.S. economy do?!?!
Maybe this will make you feel better:
"Gas price sets record at $3.357"Maybe not.
