Middle Market Up, Wal-Mart Off, in June Comps.

Home Textiles Today, July, 2006

By Staff New York -With consumers sucker-punched by the double whammy of rising gas prices and higher credit-card bills as interest rates climb, America's big retailers took it on the chin during June, with same-store sales softening, especially for those, like Wal-Mart, that cater to the needs of low-income consumers.

Underlining the magnitude of the June weakness, the Johnson Redbook Index said same-store sales for the 70 major retailers it tracks rose a lackluster 2.8% during June, far beneath the 4.7% gain recorded in May and the hefty 6.7% increase rung up in April. While its same-store sales didn't actually decline, perhaps the month's biggest loser was still Wal-Mart, where sales limped ahead just 1.1% in its core U.S. stores, only...