Large Retailers Report Weak February Sales
The outlook for a strong spring grew dimmer for the nation's big retailers today as they reported generally disappointing results for February.</br></br>While many value-oriented retailers and some clothing stores, such as Talbots, did well, other merchants, most notably department stores and apparel retailers, including Gap, languished amid slowing consumer spending.</br></br>Analysts said it was clear that consumers, who have been spending cautiously since last June, continue to retrench.</br></br>"This is the new reality that we are going to most likely see going forward," said Michael P. Niemera, vice president of Bank of Tokyo-Mitsubishi Ltd. He added that this was the most store chains he has seen reporting declines since July 1996.</br></br>February is not a major contributor to retailers' profits, but it does reflect consumer psychology. Stock market volatility and high energy prices continue to plague Americans, and their confidence as measured by the Conference Board fell in February to its lowest level in more than four years.