Lower traffic and a heightened promotional environment led most reporting retailers to fall short of analysts’ estimates in July. Same-store sales projections for the month had been expected to come in at a 4.4 percent gain, according to Thomson Reuters. Most stores failed to meet that number, with the average coming in at 3.9 percent, leading some to reduce earnings estimates for the second quarter.
The results shouldn’t lead to panic, however, since July is “a transitional month,” said Barbara Kahn, director of the Baker Retailing Center and a professor at the Wharton School of the University of Pennsylvania, and the “hope is for a pickup in August and that back-to-school will spur people to go to the malls. June was a strong month and the hope is that July would be as well,” she said.
Hermès is launching a Laundromat pop-up shop in NYC - dubbed Hermèsmatic - where customers can bring their old scarves to be dip-dyed by an expert. Get all the details on WWD.com. #wwdnews (📷: @donstahl)