There was a lot of retail data out this week, with July retail sales coming in better than economists were expecting. Meanwhile earnings from Walmart (WMT) and TJX (TJX) were strong, whereas Target (TGT) and Home Depot (HD) sales took a hit. New York Times Retail Reporter Jordyn Holman joins Yahoo Finance Live to discuss what these recent earnings results are showing about the state of the consumer. Holman explains how consumers are being discerning at this time, which is something Walmart CEO Doug McMillon noted on the company’s earnings call. “People are buying groceries, they’re trading down,” which is “part of this longer trend that we’ve been seeing over the past year,” Holman says. Walmart has “a bigger leg up” than Target, Holman says because it sells more groceries and has lower price points. Target also experienced boycotts in June over pride-themed displays at stores, which impacted the company’s sales. As this summer saw consumers spending on goods for experiences such as Barbie and tours from superstars Taylor Swift and Beyoncé, Holman notes that although “people have been spending a lot on those experiences as expected...they’re still leaving space in their budget to buy the groceries or buy some of the bigger items that we weren’t expecting.” “It still remains to be seen how long that can last,” as people have a “finite amount of money,” but that’s “one of these really interesting dynamics that’s happened this summer,” Holman says.
Going on a boating trip soon? Here are some hilarious scenarios you may encounterLindell TVMAGA pillow magnate Mike Lindell kicked off his latest “election crime” summit on Wednesday by boasting how the “important” event would once and for all provide a “plan to secure our elections immediately.” In true Lindell fashion, of course, the event went off the rails in only a matter of minutes, after he mistakenly aired a video of Jimmy Kimmel.
LOS ANGELES — Britney Spears and her husband Sam Asghari separated nearly three weeks ago, and he is seeking spousal support and attorneys' fees in their divorce, according to his divorce filing. Asghari, 29, filed his petition to dissolve his 14-month-old marriage to the 41-year-old pop superstar in Los Angeles County court late Wednesday. Like the vast majority of those who file for divorce in California, he cites irreconcilable differences as the reason for the split.
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Walmart vs. Target: Why you can't compare their earningsWalmart's (WMT) second quarter earnings results smashed analyst expectations. Rival Target (TGT) however, reported results that were mixed. Bernstein Senior Research Analyst Dean Rosenblum and LSEG Director of Consumer Research Jharonne Martis joined Yahoo Finance Live to discuss the retailers' results. Rosenblum says comparing the two retailers is 'something of a false equivalency.' 'They are very, very different businesses,' Rosenblum said, pointing out how Walmart has a more substantial food and beverage business than Target. 'In an environment where consumers are stretched and just trying to cover the essentials, a retailer like...Walmart who is the biggest grocer in the world is going to benefit tremendously,' Rosenblum said. Martis noted that more high-end consumers are shopping at Walmart and at TJX Companies (TJX) saying, 'the high-end consumer, who we've learned from the luxury retailers, is being more conservative.' 'They still want the best brands, but they want to pay significantly less for them,' Martis said, adding 'the American consumer, what's really enticing them, is those steep promotions.' When it comes to stocks to buy, Rosenblum has an 'outperform' rating on Target and a 'market perform' rating on Walmart. When asked to explain why, Rosenblum said 'Target is priced for desperation and Walmart is priced for perfection.' Click here to see more from the Yahoo Finance series 'Retail Evolution: The New Era.'
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