Early reports from retailers show sluggish June sales and shoppers buying mostly deeply discounted clothing amid escalating job worries.
June’s lackluster revenue performance is raising concerns about back-to-school shopping and the health of the economic recovery.
As merchants report their results Thursday, Costco Wholesale Corp. posted a solid revenue gain, but it was fueled by its international business. Many teen merchants including The Buckle Inc., Hot Topic Inc. and The Wet Seal Inc. are reporting decreases in revenue.
Limited Brands Inc., which owns Victoria’s Secret and Bath & Body Works, is among the bright spots.
The figures are based on revenue at stores open at least a year and are a key indicator of retailers’ health.