Newsletter: Macy's, J.C.Penney accept that it's Amazon's world and they just live in it [Los Angeles Times (CA)]
JC PENNEY (JCP)
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Source: Los Angeles Times
Welcome to the weekly newsletter of the L.A. Times Business Section . I’m consumer columnist David Lazarus , here today with a look at the obstacle course that is the retail sector. First the good news: The Commerce Department reported last week that consumers went shopping in July. Retail sales rose 0.7%, after a 0.3% gain in June. This is important because consumer spending accounts for about two-thirds of U.S. economic activity, so what’s good for retailers is literally good for America. Now the not-so-good news. Major retailers such as Macy’s and J.C. Penney reported some dismal quarterly numbers, suggesting that things may not be as upbeat as the Commerce Department would have us believe. Macy’s stock tumbled after the company reported that net income fell to $86 million, or about half what it earned a year earlier. Macy’s blamed the decline on heavy markdowns to move unsold inventory. J.C. Penney, meanwhile, spun its earnings as a “could have been worse” scenario. The compan
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