{"id":51811,"date":"2023-08-23T00:30:59","date_gmt":"2023-08-23T04:30:59","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/macys-and-other-retailers-sound-alarms-of-consumer-slowdown\/"},"modified":"2023-08-23T00:31:02","modified_gmt":"2023-08-23T04:31:02","slug":"macys-and-other-retailers-sound-alarms-of-consumer-slowdown","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=51811","title":{"rendered":"Macy&#8217;s and Other Retailers Sound Alarms of Consumer Slowdown"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-BAR-0000725323\">\n<div data-layout=\"wrap\n              \" data-layout-mobile=\"\" class=\"\n        media-object\n        type-InsetMediaIllustration\n          wrap\n  article__inset\n        article__inset--type-InsetMediaIllustration\n          article__inset--wrap\n    article__inset--lead\n  \"><\/p>\n<p>        <!-- eventually when we know what this card will be we can change it and leave this one --><\/p>\n<figure class=\"\n        media-object-image\n        enlarge-image\n        img-wrap\n        article__inset__image\n      \" itemscope=\"\" itemtype=\"http:\/\/schema.org\/ImageObject\"><\/p>\n<\/figure><\/div>\n<p>\n        Macy\u2019s<br \/>\n       and<br \/>\n        Dick\u2019s Sporting Goods<br \/>\n       stocks slid double-digits on Tuesday after the companies sounded the alarm over a looming decline in consumer health, echoing a tone taken by other retailers this earnings season. <\/p>\n<p>Dick\u2019s (ticker: DKS) cut its outlook for the fiscal year and missed earnings expectations for the first time in three years.<br \/>\n        Macy\u2019s<br \/>\n       (M) posted a solid quarter, but the company\u2019s management said credit-card delinquency rates\u2014a gauge of consumer financial well-being\u2014had increased at a faster clip than expected. <\/p>\n<div class=\"paywall\">\n<p>\u201cWe continue to have a cautious view on the consumer,\u201d said Macy\u2019s chief financial officer Adrian Mitchell on a call with investors Tuesday.\u00a0\u201cIn\u00a0addition to the headwinds discussed on prior earnings calls, the expiration of student loan forgiveness beginning in October, higher interest rate levels, and lower new job creation are all new pressures on the consumer.\u201d<\/p>\n<p>Macy\u2019s stock closed 14% lower, and Dick\u2019s 24% lower. The results also sent a chill through other stocks in the consumer discretionary space. The<br \/>\n        SPDR S&amp;P Retail ETF<br \/>\n       (XRT) fell 2.8% Tuesday. <\/p>\n<p>But to those following the course of retail earnings season, the warnings coming from Macy\u2019s and Dick\u2019s are hardly surprising. <\/p>\n<p>\u201cThe consumer has been relatively resilient, but as we look a little bit under the surface, there\u2019s some evidence to suggest that the consumer is becoming a little bit more strained,\u201d said Corey Tarlowe, analyst at Jefferies, on a call with <em>Barron\u2019s.<\/em><\/p>\n<p>Other retailers have raised similar concerns.<br \/>\n        Target<br \/>\n       (TGT),<br \/>\n        Home Depot<br \/>\n       (HD), and<br \/>\n        Lowe\u2019s<br \/>\n       (LOW), for instance, warned that demand for big-ticket, discretionary purchases was still weak\u2014a sentiment that Macy\u2019s repeated Tuesday.  <\/p>\n<p>Even the strong results from<br \/>\n        Walmart<br \/>\n       (WMT) and off-pricers<br \/>\n        TJX Cos.<br \/>\n       (TJX) and<br \/>\n        Ross Stores<br \/>\n       (ROST) can have troubling implications for consumer health. Part of the reason these companies have performed so well is because shoppers are flocking to their stores in an attempt to stretch their budgets.<\/p>\n<p>\u201cOur position is one where if things do get tougher, [consumers] are going to increasingly look for value, and we\u2019re going to be able to grow the top line,\u201d said<br \/>\n        Walmart<br \/>\n       CEO Doug McMillon on a call with investors last week. <\/p>\n<p>Neil Saunders, managing director at<br \/>\n        GlobalData<span>,<\/span><br \/>\n       wrote that Walmart\u2019s strong results, and Target\u2019s weak ones, are two sides of the same coin. Target\u2019s sales have taken a hit because it has a bigger discretionary assortment, while Walmart has gained market share in its grocery business as people prioritize spending on food and essentials.  <\/p>\n<p>\u201cWalmart\u2019s success isn\u2019t really a sign of a strong economy,\u201d he wrote. \u201cIt\u2019s a sign of an economy in which consumers are feeling the pinch. And vice versa for Target.\u201d<\/p>\n<p>These trends provide a downcast backdrop for the retailers that have yet to report earnings, including<br \/>\n        Abercrombie &amp; Fitch<br \/>\n       (ANF),<br \/>\n        Kohl\u2019s<br \/>\n       (KSS),<br \/>\n        Burlington Stores<br \/>\n       (BURL),<br \/>\n        Gap<br \/>\n       (GPS), and<br \/>\n        Nordstrom<br \/>\n       (JWN). <\/p>\n<p>Tarlowe, however, believes companies with a strong focus on value or strong brand momentum could still perform well, despite the macro outlook. He points to companies such as Abercrombie, which posted a surprise profit last quarter as the company\u2019s reinvention plan starts to take root. <\/p>\n<p>Write to Sabrina Escobar at sabrina.escobar@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/articles\/retail-earnings-stocks-consumer-spending-confidence-c31aaaf1?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Macy\u2019s and Dick\u2019s Sporting Goods stocks slid double-digits on Tuesday after the companies sounded the alarm over a looming decline in consumer health, echoing a tone taken by other retailers this earnings season. Dick\u2019s (ticker: DKS) cut its outlook for the fiscal year and missed earnings expectations for the first time in three years. Macy\u2019s [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":51812,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-51811","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Macy&#039;s and Other Retailers Sound Alarms of Consumer Slowdown | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Macy\u2019s and Dick\u2019s Sporting Goods stocks slid double-digits on Tuesday after the companies sounded the alarm over a looming decline in consumer health,\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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