Discounts – Yawn.
Source: The Wall Street Journal
Knowing January would be tough, many retailers slashed prices to draw customers.
It wasn’t enough.
Despite extensive discounting, many department stores, women’s apparel sellers and even discounters turned in lackluster sales in January. Just about all of the companies missed analysts’ same-store-sales expectations for the month. Overall, same-store sales rose a mere 0.3% in January from the year-earlier period, the worst monthly showing since March 2003, according to an index compiled by Thomson Financial.
Virtually nothing that stores tried was able to boost sales during January. Gift cards promoted heavily during the holidays proved disappointing.
Full story at the Wall Street Journal (subscription required) >>
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