Same-store sales declined 4.6 per cent in the US in May, according to a report from Goldman Sachs and the International Council of Shopping Centers. The results were worse than a forecast 3 per cent drop.
Among a slew of disappointing like-for-likes, department store group Nordstrom reported a fall of more than 13 per cent for the month. Macy’s was down 9.1 per cent and sales at Gap fell 5 per cent, although its budget-fashion division Old Navy reported an increase of 3 per cent after a fall of 25 per cent last year.
Among the more positive results were those from pharmacy giant Walgreens, which posted a 1 per cent year-on-year rise.