Analysts aren’t pleased with Lowe’s and Target’s latest news.
Lowe’s issued a warning about their earnings and Target’s September sales numbers are going to be super crappy—time to panic!
…as skittish consumers rein in spending, fueling concerns that the holiday shopping season could be the weakest in years.
A drop to a two-year low in the Conference Board’s consumer confidence index added to the jitters, helping send the Standard & Poor’s Retail Index <.RLX> down almost 3 percent.
“The American consumer has been taken through a very rough period. They are cautious; they are careful; they are fearful; and they are acting accordingly,” said Kurt Barnard, president of Barnard’s Retail Consulting Group. “There’s very little that can take place between now and December 31 that is going to materially change that.”
Oh, no! Not Target and Lowe’s…. the two stores everyone loves! If people aren’t shopping there, we must be broke. Santa is not coming this year, kids. Feel free to be as naughty as you like.
So are you consumers broke? Or saving for the holidays? Or what?