by Mike ‘Mish’ Shedlock
Retail department store sales are in a funk.
Macys, Nordstrom, Dillards, Kohls, and Ralph Lauren have all reported dismal sales or profits.
On Wednesday, Macy’s reported the worst quarterly sales since recession. On Thursday, Nordstrom did the same. Same store sales fell at Nordstrom for the first time since 2009. Kohls posted an 87% drop in profit and an unexpected decline in sales.
The stores struggle to explain why consumers are not spending. Analysts blame Amazon.