Retailers' Sales Outlook Dims Amid Consumer Spending Slowdown

Macy's and Dollar General have cut their sales forecasts due to a challenging economic environment and high inflation. Macy's same-store sales fell 8.7% last quarter, leading to price cuts on discretionary items. Dollar General saw sales growth in groceries and basic necessities, but declines in seasonal, home, and apparel items. Nordstrom also reported an 11% sales decline, despite posting a surprise profit, as wealthy shoppers become more restrained. Walmart reported surging sales, with an influx of wealthier shoppers trading down to the discount chain.