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June was a rough month for many Americans. But is the worst yet to come?
Across the country, people were fighting wild weather in June, from wildfiresto excessive heat and even a hurricane in Florida. But that was only one of the reasons many retailers saw less-active cash registers. Beyond the weather, retailers blamed everything from economic concerns, exchange rates, difficult comps, and calendar shifts for sluggish June sales .
According to Thomson Reuters, retailers reporting June same-store sales rang up a worse-than-expected 0.1 percent increase year over year. That's the worst reading in three years.
Still, while there were a number of disappointments, it wasn't all bad. In fact, without drugstores Rite Aid andWalgreen, the same-store index index up 2.5 percent.
There also was some strength seen at both the high- and low-end, extending the recent trend of the bification in the retail sector.
Although a number of analysts have expressed concerns about the high-end consumer slowing down, it wasn't reflected in Nordstrom orSaksmonthly results. Nordstrom's same-store sales are among the best of those reporting, up 8.1 percent. Saks same-store sales topped expectations, gaining 6 percent for the month. Other luxury names like Ralph Lauren and Coach and Michael Kors are trading higher in response.
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