CCTV Script 08/15/13
— This is the script of CNBC's news report for China's CCTV on August 15, Thursday.
Welcome to CNBC Business Daily
Concerns about the U.S. retailers' earnings casting a shadow over the overall recovery of the American consumer.
CNBC's Courtney Reagan has this report.
[With the exception of Michael Kors, it's been a disappointing earnings reporting season for retailers, Continued by department store Macy's results. Macy's earnings of $0.72 missed wall street's expectations by 6 cents, revenues and same store sales were also lighter than forecast.
The department store cut it's earnings and sales guidance as well. However, Macy's commentary about a promising start to back to school and it's suggestion that it's well positioned for the second half of the year, which includes the reminder of back to school and holiday, left some hope for bullish investors. There's heightened concerns for retail earnings after Macy's reported a disappointing quarter citing consumers continuing uncertainty about spending on discretionary items.]
And one analyst speaking to CNBC earlier today, said that the retail outlet's effort to ramp up sales doesn't seem to be working.
Have a listen.
[Sound on tape by Nicholas Vardy, Founder & CIO, Global Guru Capital: The news from Macy's just wasn't good, its hard to put lipstick on that pig in terms of the last quarterly results, they came in way below expectations, despite the positive spin the management put on it in terms of the back-to-school shopping coming up, it's not good. It's the first time Macy's disappointed since 2009. Last quarter they actually their estimates by 3.8%]
Li Sixuan, from CNBC's Asia headquarters.