The Consumer May Be Strong, But Traders Say They Might Not Be Spending In Traditional Retail
The “Fast Money” traders were torn over the discrepancy between consumer data and early holiday sales figures. Last week, The Conference Board said its Consumer Confidence Index hit 113.7 in December, its highest level since August 2001. Despite optimistic data, Macy’s said Wednesday that its comparable-store sales declined 2.1 percent in November and December, the critical holiday months for retail. “While our sales trend is consistent with the lower end of our guidance, we had anticipated sales would be stronger. We believe that our performance during the holiday season reflects the broader challenges facing much of the retail industry,” Terry Lundgren, chairman and CEO of Macy’s, said in a statement. Trader Pete Najarian said that some of the pain in the retail sector is just a continuation of the online sales story where Amazon is just eating everyone else’s lunch. See more at CNBC.
