NEW YORK (AP) -- Retailers are reporting sluggish sales for July as shoppers' worries about jobs escalate, raising concern about the health of the back-to-school shopping season.
As merchants report their sales figures Thursday, mall-based chains continue to be hit hardest as consumers focus on necessities. Among the disappointments are Stage Stores Inc. and teen retailer Wet Seal Inc. Stage Stores' same-store sales fell 11.9 percent and Wet Seal 12.1 percent.
Warehouse club operator Costco Wholesale Corp.'s results are slightly below analysts' estimates.
Its same-store sales dropped 7 percent.
The sales figures are based on same-store sales or sales at stores opened at least a year. Same-store sales are considered a key indicator of a retailers' health.
My hunch is stocks might trade in narrow range today awaiting the unemployment report due out 8:30 FRI. We may be setting up for a large move, either way.
Flow of funds are coming into stocks, with seasonal LOW volumes, I dont expect this to change in the ST
D
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