Retail sales fell in June, raising industry concerns about the back-to-school season.
As merchants reported their sales early Thursday, many of them disappointed. Costco reported a gain below Wall Street expectations, while Target and Macy's also fell short. However, wealthy shoppers continued to splurge on status goods despite the weakening stock market. That boosted results at Saks and Nordstrom.
"These are disappointing results," said Ken Perkins, president of RetailMetrics, a research firm. "The consumer is slowing down and becoming increasingly more cautious as the economic backdrop is deteriorating. This doesn't set up particularly well for back-to-school."
Read more at OregonLive.com.