Retailers on Thursday posted sales declines for August as shoppers held back on back-to-school purchases and continued to focus on necessities, raising further concern about the upcoming holiday season.
Early reports showed 11 retailers missed analyst expectations, while 10 exceeded estimates, according to a poll by Thomson Reuters. The winners were mainly discounters, while more upscale chains fared worse.
"It really was all about value and price proposition here," said Ken Perkins, president of retail consulting firm Retail Metrics. "If you're off-price or discount-oriented and conscious of price points you fared very well in August."
There have been some signs of a stabilizing economy. On Tuesday, the U.S. manufacturing sector grew in August for the first time in 19 months. Also, a gauge of future U.S. home sales rose more than expected in July to the highest point in more than two years.
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