Broadly, U.S. consumer spending trends showed resilience in the face of high inflation, but big-ticket purchases suffered.
Upscale retailer Macy's said the U.S. consumer pulled back more than anticipated and slashed its annual sales and profit forecasts for the year.
Macy's and lingerie brand Victoria's Secret & Co (VSCO.N) are resorting to more discounts to clear out excess inventory.
"Our business in North America became increasingly more challenging," Victoria's Secret CEO Martin Waters said during a post earnings call on Thursday.
The pinch from slowing consumer spending was not just limited to high-end retailers.
Persons:
Macy's, Hogan, Martin Waters, they're, Nordstrom, Peter Nordstrom, Dr Martens, Arun Sundaram, Aishwarya Venugopal, Savyata Mishra, Shinjini
Organizations:
U.S, Goods, Riley, Nordstrom Inc, Discount, CFRA Research, Thomson
Locations:
U.S, North America, United States, Bengaluru