WashPost: Retailers Warn of Weak Economy
The Washington Post reported Saturday, citing reports from big-name retailers, that there won't be much growth in the economy ahead.
Companies such as Target, Best Buy, and Abercrombie & Fitch are forecasting weak sales for 2025, citing inflation, consumer fatigue, and the potential impact of President Donald Trump's tariffs on imported goods, the Post reported.
Best Buy CEO Corie Barry warned during a phone call with analysts that price increases are "highly likely" due to rising import costs.
"This is bigger than just a discussion about tariffs," Barry told the analysts during the call. "It's just kind of a volatile environment for the consumer."
Target announced it would no longer provide quarterly profit forecasts because of expected volatility. Macy's, meanwhile, projected a slight decline in comparable store sales as it struggles with long-term restructuring efforts.