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Irene hits department stores in August; Macy’s still beats Street, Kohl’s and J.C. Penney fall short
New York City -- Macy’s reported that its same-store sales rose 5% in August, beating estimates. The retailer said sales would have been higher by 1.5% points without the impact of Hurricane Irene. Industry analysts had warned that the storm would impact department stores and specialty retailers the most as consumers focused on buying generators and other emergency and recovery items versus back-to-school and discretionary products.
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U.S. consumer confidence plunges in August
Washington, D.C. -- A report released Tuesday by the Conference Board said that confidence among U.S. consumers sunk to a two-year low in August, as Americans faced continued unemployment woes and worsening business and economic conditions.
The Conference Board’s index plunged to 44.5, the weakest since April 2009 and the biggest point drop since October 2008. Economists predicted the August gauge would fall to 52, according to the median forecast in a Bloomberg News survey.
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