via WSJ:
The sporting-goods chain slashed its profit targets for the year after missing Wall Street forecasts for the second quarter. Sales slowed after a pandemic-fueled surge for outdoor gear, leaving it with excess inventory. Executives said thefts of merchandise were also higher than they expected.
Macy’s reported declining sales in the June quarter and warned that more shoppers are late on their credit-card payments. Delinquencies are viewed as a proxy for consumer health, and missed payments endanger a key source of revenue for the department-store chain.
“We expect the pressures consumers are under to continue through the balance of the year,” said Macy’s Chief Executive Jeff Gennette, adding that additional challenges will come once students and graduates resume repaying their federal student loans. He added that international tourism has yet to return to prepandemic levels.
And: Top retail execs call out crime wave that has cut into earnings.
h/t Stephen Green