According to Thomson Reuters index, an average of April’s results for 20 retailers rose 0.8 percent, compared with estimates for a 1.5 percent gain. Sales in March increased 4.3 percent.
Target, the second largest discount chain in the U.S., dropped 2.1 percent to $56.74 today. Macy’s, the second largest department-store chain in the U.S, increased 0.4 percent to $41.43.
Gap, the largest apparel retailer in the U.S., also lost 0.6 percent to $28.96.
“There was a little bit of an optimism overhang coming into April that didn’t come to fruition,” said Joel Bines, a Dallas- based managing director in the retail practice at AlixPartners.
“The holiday shifts were especially difficult and there was cold weather along the East Coast towards the end of April, which is always a challenge.”No tags for this post.