Posted 8/22/2023, 1:49:06 PM

Markets Await Existing Home Sales Data

Retail companies have reported mixed results in their earnings, with Macy's beating expectations but experiencing a decline in same-store sales, while Dick's Sporting Goods missed earnings estimates due to retail theft and sluggish sales, and Lowe's outperformed expectations with higher quarterly sales and slight decline in comps.

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Relevant topic timeline:

8/22/2023

Macy's had to discount spring goods to entice cautious consumers and sees more warning signs ahead

Macy's reports strong second-quarter profits and sales that beat Wall Street expectations, despite heavily discounting spring goods, citing uncertainty about the economy in the second half of the year and a rise in credit card delinquencies.

8/22/2023

Retail's true crime story: Top execs say rise in theft is cutting into earnings (NYSE:M)

Several major retailers, including Dick's Sporting Goods, Lowe's, Target, and Macy's, have cited an increase in theft as a factor in their reduced earnings and are taking steps to address the problem.