Revelations 13:16-18 “Also it causes all, both small and great, both rich and poor, both free and slave, to be marked on the right hand or the forehead, so that no one can buy or sell unless he has the mark, that is, the name of the beast or the number of its name. This calls for wisdom: let the one who has understanding calculate the number of the beast, for it is the number of a man, and his number is 666.”
Important Takeaways:
- Macy’s and Costco sound a warning about the economy
- Macy’s, Costco and other big chains say shoppers are pulling back at their stores and changing what they buy. That could be a red flag for the US economy.
- Macy’s (M) on Thursday cut its annual profit and sales forecast after customer demand slowed.
- “The US consumer, particularly at Macy’s, pulled back more than we anticipated,” Macy’s CEO Jeff Gennette said on an earnings call Thursday. Customers “reallocated” spending to food, essentials and services, he said.
- Macy’s and Costco appeal to middle- and higher-income shoppers, and their results show a pullback among that demographic.
- Dollar General (DG) said its core lower-income customers were passing up discretionary products like home goods and clothing.
- The company slashed its outlook on weak customer demand, sending its stock falling 20% during early trading Thursday.
- Beauty retailers have also seen strong sales as shoppers spend on smaller indulgences like makeup and lipstick.
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