Retailers See Slow Start To Back-To-School Season
NEW YORK (AP) — Retailers are reporting a slow start to the critical back-to-school shopping season in July. Shoppers focused on discounted summer merchandise but held off on picking up new fall clothing in an uncertain economy.
Revenue at stores open at least a year — an industry measure of a retailer's health— rose 3.8 percent in July, the slowest pace since March, according to a preliminary tally of 10 retailers by the International Council of Shopping Centers. The figure was below a 5.5 percent increase in June.
Costco Wholesale Corp. was among the retailers posting disappointing figures.
Only a sliver of retail chains now report monthly sales figures. But Thursday's figures add to other evidence that shoppers are being cautious about their back-to-school purchases.
Copyright 2013 The Associated Press.