pasta sauce, diapers, laundry detergent — rather than iPods and DVDs

[RedEarth]

Retailers’ January Was Slowest in Nearly 4 Decades
By THE ASSOCIATED PRESS

Here is a sign of how shaky the economy is becoming: Wal-Mart says its shoppers are redeeming their holiday gift cards for basic items — pasta sauce, diapers, laundry detergent — rather than iPods and DVDs.

On Thursday, the nation’s retailers turned in their worst January in almost four decades as high gasoline and food prices, the slumping housing market, tighter credit and tougher job prospects pushed some consumers to the edge.

Department stores and mall-based apparel retailers, though, posted steep sales declines. At J. C. Penney, same-store sales at its department stores dropped 1.9 percent, though that was better than the 6.3 percent decline expected in a Thomson Financial analyst survey.

Nordstrom reported a 6.6 percent decline in same-store sales, much worse than the 0.7 percent decrease expected.

Macy’s had already reported a 7.1 percent decrease in same-store sales on Wednesday, worse than expected. A spokesman, Jim Sluzewski, acknowledged that gift-card sales and redemptions were weaker than last year, reflecting a slower sales trend over all. Macy’s does not track how shoppers use their gift cards.



http://www.nytimes.com/2008/02/08/business/08shop.html?_r=1&ref=business&pagewanted=print&oref=slogin

[madeline_con]

1. Fuck WalMart anyway.

I hope the bribe sent to taxpayers is used for the same types of purchases.

[NoBorders]

5. Yeah, but the first place they will cut

Is the part-time worker who needs the money.

[annabanana]

2. The greatest pyramid scheme in the history of the world is falling

in slo-mo. The rotting stones will bury many many people for a long long time.

[unkachuck]

3. wow....

"...worst January in almost four decades as high gasoline and food prices, the slumping housing market, tighter credit and tougher job prospects pushed some consumers to the edge."

....and when was the last time the average schmuck got a break in this country?....most of us have been near the 'edge' for years....

[AlCzervik]

4. i only bought the necessities in January and i don't about you all but this past Christmas

was all cash and i spent less this year than last and less last year than the year before.