{"id":1621288,"date":"2022-08-25T18:20:19","date_gmt":"2022-08-25T22:20:19","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1621288"},"modified":"2022-08-25T18:20:39","modified_gmt":"2022-08-25T22:20:39","slug":"u-s-retailers-slash-clothing-prices-as-shoppers-cut-purchases","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/u-s-retailers-slash-clothing-prices-as-shoppers-cut-purchases\/","title":{"rendered":"U.S. retailers slash clothing prices as shoppers cut purchases"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">18<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fu-s-retailers-slash-clothing-prices-as-shoppers-cut-purchases%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1621288&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>By Arriana McLymore<\/p>\n<p>NEW YORK (Reuters) -Inflation-weary U.S. shoppers have been skimping on clothing purchases, prompting retailers to slash prices to clear inventory off the racks.  <\/p>\n<p>Gap was the latest retailer to report a slump in apparel shopping for the second-quarter, saying on Thursday that net sales slumped 8% from a year earlier to $3.86 billion. Earlier this month, executives at U.S. giants Walmart and Target offered deep discounts and rollbacks on clothing. <\/p>\n<p>Gap is \u201ctaking actions to sequentially reduce inventory, rebalance our assortments to better meet changing consumer needs,\u201d Katrina O\u2019Connell, Gap Inc. chief financial officer, said in a statement. <\/p>\n<p>Deep discounts on apparel, especially at Old Navy, hurt the company\u2019s margins. Old Navy stores were not able to sell certain sizes and styles, while Gap struggled with mix imbalances. Shoppers may see more promotions as the company keeps clearing inventory.<\/p>\n<p>Sales at U.S. apparel and accessory retailers have largely flatlined. Over the 12-months through July they averaged month-over-month growth of just 0.2%, according to Census Bureau data.  <\/p>\n<p>This week, Victoria\u2019s Secret, Urban Outfitters and Kohl\u2019s told analysts in conference calls that shoppers are only buying certain types of garments. The companies gave no specific examples but a search of the Victoria\u2019s Secret website showed Victoria\u2019s Secret shoppers buying bras on sale at two-for-$52, while its PINK line for younger shoppers appeared to have trouble moving a $52.95 pair of joggers.<\/p>\n<p>Urban Outfitters and Victoria\u2019s Secret said sales are declining for brands tailored to younger consumers. Victoria\u2019s Secret\u2019s PINK line saw strained clothing sales compared to the company\u2019s Victoria brand of intimates and sleepwear. <\/p>\n<p>\u201cWe will be very prudent on our purchases\u201d of apparel \u201cfor the back half of the year,\u201d Victoria\u2019s Secret Chief Executive Martin Waters said during the company\u2019s earnings call Thursday. <\/p>\n<p>Urban Outfitters\u2019s young, less-affluent shoppers held off from purchasing full-priced items and waited \u201cfor promotions before buying,\u201d Urban\u2019s CEO Richard Hayne said on Tuesday.<\/p>\n<p>Kohl\u2019s said sales slipped for junior\u2019s apparel in the second quarter because designs were \u201ctoo much fashion, not enough of the basics.\u201d Women\u2019s apparel outperformed other categories. <\/p>\n<p>\u201cSome of the fashion choices were a little too young, I would say. That\u2019s been course-corrected,\u201d Kohl\u2019s CEO Michelle Gass said on a Tuesday earnings call. \u201cI\u2019d say one of the things that has hurt us is with all (the) supply chain disruption that\u2019s happened, we were not able to get in and out of some of those items.\u201d<\/p>\n<p>Walmart and Target both struggled to sell apparel that arrived a few seasons late, and are aggressively cutting prices. Target said last week that one bright spot was \u201cmeaningful growth\u201d in sales of trendy women\u2019s clothing.<\/p>\n<p>Jessica Ram\u00edrez, senior research analyst at Jane Hali and Associates, said she has noticed heavy discounts on Gap and Old Navy labels, while the higher-end Banana Republic brand, which sells dressy office-wear, has sold more garments at regular prices.  <\/p>\n<p>Macy\u2019s and Kohl\u2019s said demand was solid for dressy-looks and work-ready clothing. Kohl\u2019s said women\u2019s and men\u2019s \u201celevated casual\u201d styles outperformed as more people returned to work. It has been investing in dressy styles from brands including Simply Vera, Lauren Conrad and Nine West, for customers who are working in offices more often. Still, it is planning clearance events to move unwanted items.  <\/p>\n<p>Macy\u2019s CEO Jeffrey Gennette said on the company\u2019s earnings call on Tuesday that occasion-based clothing in men\u2019s and women\u2019s are \u201cvery healthy categories\u201d with men\u2019s work clothing average selling prices increasing 29% and \u201cmissy career\u201d items up 20%. Other categories have required heavy promotions to unload excess inventory.  <\/p>\n<p> (Reporting by Arriana McLymore in New York; Additional reporting by Dan Burns in New York and Sophie Yu in Beijing; Editing by Lisa Shumaker and David Gregorio)<\/p>\n<p><a href=\"https:\/\/www.oann.com\/?attachment_id=2741461\"><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/08\/tagreuters.com2022binary_LYNXMPEI7O0ZE-VIEWIMAGE.jpg\" alt=\"tagreuters.com2022binary_LYNXMPEI7O0ZE-VIEWIMAGE\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Arriana McLymore NEW YORK (Reuters) -Inflation-weary U.S. shoppers have been skimping on clothing purchases, prompting retailers to slash prices to clear inventory off the racks. Gap was the<\/p>\n","protected":false},"author":66,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1621288","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1621288","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1621288"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1621288\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1621288"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1621288"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1621288"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}