NEW YORK (AP) — Early September reports from retailers show weak sales as shoppers cut back on fall clothing purchases amid worries about jobs and tight credit.
As stores announce their results, Thursday, teen retailers Wet Seal Inc. and Stage Stores Inc. and department store Stein Mart all are reporting declines in sales at stores open at least a year. The measure is considered a key indicator of a retailer's health.
The comparison is to a rough September last year when business plummeted during the financial meltdown.
Limited Brands Inc., which runs Victoria's Secret and Bath & Body Works, posted an increase, beating Wall Street expectations.