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Macy’s, Best Buy Sales Decline, Reflecting Shopper Pullback
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wsj.comConsumers pulled back on purchases of apparel and electronics in recent months while continuing to spend on groceries and other necessities, according to some of the largest U.S. retailers.
Macy’s Inc. and Best Buy Inc. said they expect sales to fall this year, after declining in 2022, as stubbornly high levels of inflation and other economic issues weigh on shoppers. Macy’s Chief Executive Jeff Gennette said he expects consumers to be in worse shape in 2023 than they were last year.
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