“Following a chilly winter that froze economic growth, economists have been forecasting a sharp snapback in activity for Q2 and the second half of the year.
Recent reports on jobs and auto sales confirm as much. Add the fact that the stock market is near an all-time high, and you would assume the consumer would be feeling pretty confident.
But new comments from a major U.S. retailer contradict all of the optimism out ther.
On Tuesday afternoon, The Container Store Group announced that its comparable store sales fell 0.8%, which led to a wider than expected net loss of $0.07 per share.
CEO Kip Tindell warned that weakness at his stores wasn’t a company-specific problem.
“Consistent with so many of our fellow retailers, we are experiencing a retail ‘funk,'” Tindell said in the company’s earnings announcement…..”
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