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Macy’s sales slip, says shoppers wary of spending
NEW YORK — Macy’s Inc. reported a disappointing profit for its second quarter and cut its outlook for the year on Wednesday. The department store chain blamed shoppers’ reluctance to spend for a rare slip in sales. The second-quarter weakness raises worries about consumer spending, an important part of the economy, and how other merchants […]
Retailers report best sales growth since March
NEW YORK — Americans kept spending this summer despite their escalating fears about the slow economic recovery and surging gas prices. A group of 18 retailers ranging from discounter Target to club-operator Costco reported monthly sales on Thursday that rose 6 percent — the industry’s best performance since March — according to trade group International […]
Clearances, heat lured shoppers to spend in July
NEW YORK — Shoppers showed some spending muscle in July, once summer clearance sales and the hottest July in 50 years got them in the mood. Solid sales reports from retailers Thursday took some of the sting out of weak June manufacturing data. And improving trends in unemployment benefit applications provide hope for slightly better […]
Fed says retailers paying a lot less in debit fees
WASHINGTON — Retailers are paying significantly less every time a customer swipes a debit card under a rule capping the fees that banks are allowed to charge. The Federal Reserve says in a report Tuesday that the average fee paid by merchants for debit card transactions covered by the rule was 24 cents in the […]
Frederick merchants use Civil War ties to draw business
FREDERICK — A century and a half ago many of Frederick’s downtown buildings served as hospitals to care for wounded soldiers from both sides of the Civil War. Downtown merchants were urged last week to use that historic connection to bring in tourists. “Profit From the Past” was presented by George Wunderlich, executive director of […]
Retailers post mixed sales results for January
NEW YORK — Retailers reported mixed sales results for January in a sign that American shoppers are continuing to be cautious about when and where they spend their money in the shaky economy. Of the 12 merchants reporting monthly sales this week, the number of those who beat estimates and those who missed expectations was […]
Holiday discounts crimp retailers’ profits
NEW YORK — Many retailers delivered solid sales gains for December, but heavy discounts needed to get shoppers to buy exacted a high price, clouding the holiday shopping season. Merchants had to mark down coats and other gifts to get shoppers to buy in a challenging economy. A mild start to winter also didn’t help, […]
U.S. retail sales rises for sixth straight month
WASHINGTON — Americans spent more on autos, furniture and clothing at the start of the crucial holiday shopping season, boosting retail sales for a sixth straight month. Retail sales rose 0.2 percent in November, the Commerce Department said Tuesday. That’s lower than October’s gain, which was revised higher to show a 0.6 percent increase. Still, […]
Online reviews site Yelp to go public
NEW YORK — Popular online reviews site Yelp is going public, the latest in a slew of Internet businesses to do so. Yelp Inc. said in a regulatory filing Thursday that it plans to raise $100 million in an initial public offering. The amount of money Yelp is seeking in its IPO will likely change […]
Groupon shares jump in public market debut
NEW YORK — Groupon, the company that pioneered online group discounts, saw its stock rise sharply in its public debut Friday, showing strong demand for an Internet company whose business model is considered unsustainable by some analysts. Groupon’s stock jumped $8.30, or more than 40 percent, to $28.30 Friday afternoon after earlier trading as high […]
Retailers report solid sales gains in October
NEW YORK — Shoppers who continue to be weighed down by the weak economy slowed their spending in October, according to monthly revenue results reported by retailers on Thursday. That’s a bad sign for merchants as they head into the winter holiday shopping season. Eleven retailers missed expectations for revenue at stores open at least […]
U.S. slow to adopt ‘smart’ card technology
The next time you swipe your credit card at check-out, consider this: It’s a ritual the rest of the world deems outdated and unsafe. The United States is the only developed country still hanging on to credit and debit cards with those black magnetic stripes, the kind you swipe through retail terminals. The rest of […]
