US sales down 4.7% in July

According to Retail Metrics, which tracks US comparable store sales, they fell 4.7% in July.

Growing unemployment, bad weather and a reduction in tax-free shopping days impacted many retailers for the month. Sales were also hit by later than usual start to the back to school season.

Only a handful of retailers reported comparable sales increases including TK Maxx parent TJX and discount department stores Kohl’s.

Sales at JC Penney said sales fell 12.3 % in July with sales at discounter Target down 12.3% and sales at department store Macy’s down 10.7%.   

Despite the gloom some retailers raised conservative earnings estimates including Gap, Macy’s and JC Penny.