Largest U.S. Retailers Report Disappointing Sales in August

[papau]

http://www.latimes.com/business/la-fi-retail3sep03.story
Largest U.S. Retailers Report Disappointing Sales in August
Back-to-school shopping is below expectations as high gasoline prices and job insecurity cut into spending.
By Debora Vrana
Times Staff Writer

September 3, 2004

The nation's largest merchants, hoping to ring up big sales during the crucial back-to-school season, got taken to school instead.

Retailers on Thursday reported disappointing sales in August, the third straight month of sluggish business, as high gasoline prices and job insecurity cut into family spending, analysts said.

Overall, retail sales rose just 1.1% at stores open at least a year, the smallest gain in a year and a half, according to the International Council of Shopping Centers. That was sharply below some expectations of a 2.2% gain.

"Not a good August, and to some extent, an uncomfortable picture when you put this in the context of broader economic trends," said Michael Niemira, the ICSC's chief economist. "That's what makes us worry."<snip>