After a batch of new earnings reports, the overall trend remains the same: retailers are still on the ropes.
The scorecard for the sector's earnings today: 6 companies reported, and 5 of them beat. That's the good news.
Now for the bad: of those five beats, Target—which missed on profit but surprised to the upside on revenue—American Eagle and Petsmart provided guidance below current expectations. Only one, Tiffany, guided higher, while Lowe's just managed to reiterate its previous outlook.
Lowe's said essentially the same thing Home Depot said yesterday: "Performance has improved in May which, together with our strengthening execution, gives us the confidence to reaffirm our sales and operating profit outlook for the year."