Target , Kohl's and Best Buy each reported disappointing third-quarter results as early holiday deals fell short of meaningfully boosting their businesses.
Choosy consumers have made the gulf between successful and struggling retailers even more stark heading into the holiday shopping season, said Neil Saunders, managing director of GlobalData Retail.
That's a smaller year-over-year increase than the 3.9% jump from the 2022 to 2023 holiday season, when spending totaled $955.6 billion.
Dick's and Abercrombie both hiked their full-year outlooks this week and said they expect a strong holiday shopping season.
Kohl's warned it will have a deeper-than-expected drop in sales and announced a change in CEO ahead of the crucial shopping season.
Persons:
Victor J, Fitch, Neil Saunders, Abercrombie, Scott Lipesky, Erik Nordstrom, Wall, John David Rainey, Rainey, Rick Gomez, Taylor Swift
Organizations:
Blue, Bloomberg, Getty, Walmart, Dick's Sporting Goods, Abercrombie, GlobalData, National Retail Federation, Nordstrom, CNBC, Target
Locations:
Clifton , New Jersey, U.S