On Monday, I wrote in "What's the Reality for the Working Class"
what used to just affect the Walmart shopper, is now moving up channel to the Target shopper. It is slowly month by month enveloping more of our nation.
Are things degrading this quickly?
- Target's (NYSE:TGT) monthly sales may again miss the mark.
- The discount-retail giant said Monday that it now expects October same-store sales growth of 2% to 4%, below its forecast of 3% to 5% given a week and a half ago.
- The Minneapolis-based company said its new projection is based on "greater-than-normal daily volatility," disappointing sales in the past two weeks and its expectations for the remainder of the month.
- In September, Target also cut its sales expectations during a mid-month update. The company ended up reporting a 1.2% rise in same-store sales for the month, and it also said it didn't expect to meet earnings expectations for the year.
- Overall, September was a lackluster sales month for retailers, with economic troubles hitting customer wallets and unseasonably warm weather hurting traffic. But October was expected to show somewhat of an improvement, and Target's warning casts a pall over that optimism.
It's spreading folks. It's getting harder and harder to vote with the no recession crowd, especially in the face of inflation that doesn't appear in government reports but appears in our real lives. Forget the government reports that tout solid retail spending - the truth is in the figures reported by the stores themselves. Let's see what October's weak sales are blamed on (is is still too warm to shop like it was in September?)
Disclosure: Long inflation and the weakening consumer