Retail sales fell again in July marking the 11th consecutive month of sales declines in the country.
According to Retail Metrics, which tracks US comparable store sales, they fell 4.7% in July. Only a handful of retailers reported comparable sales increases, including TK Maxx parent TJX and discount department stores Kohl’s. JC Penney said sales fell 12.3 % in July with sales at discounter Target down 12.3% and sales at department store chain Macy’s down 10.7%. Despite the gloom some retailers raised conservative earnings estimates including Gap, Macy’s and JC Penny.