Newsclip®: [Business] Retailers suffer week from hell | New York Post

"Retail’s hell week ended with a collective thud on Friday. At least half a dozen of the county’s largest retailers, including Macy’s, Nordstrom and JCPenney, saw their shares pummeled by investors after they reported disappointing results in the first quarter. Shoppers were just not spending money at malls, it turned out. Across the board, the retail chief executives told investors this week that fewer customers had shopped in their stores, leaving them with too much inventory and a growing sense of desperation. “We are not counting on the consumer to spend more, so we are working harder to give customers more reasons to buy from us by delivering outstanding style, quality and value,” Macy’s CEO Terry Lundgren told investors when it reported same-store sales slipped 6 percent in the three-month period which ended April 30. JCPenney, which trimmed employees’ hours in the final weeks of April, reported that its same-store sales",

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