“Macy’s and Costco sound a warning about the economy”
“Macy’s, Costco and other big chains say shoppers are pulling back at their stores and changing what they buy. That could be a red flag for the US economy.
Macy’s (M) on Thursday cut its annual profit and sales forecast after customer demand slowed in March.
“The US consumer, particularly at Macy’s, pulled back more than we anticipated,” Macy’s CEO Jeff Gennette said on an earnings call Thursday. Customers “reallocated” spending to food, essentials and services, he said.
Same-store sales at the Macy’s sank 8.7% last quarter, while the higher-end department store Bloomingdale’s dropped 3.9%.”
Well, gee, with prices skyrocketing, duh! Was at Costco this week and wife and I observed that items we bought in the last few months were now priced much higher, and packaging for food items is smaller. We no longer buy some items that cost much more. Biden is the red flag for the US economy.