Two large retailers reported in the last 24 hours, and the only good news is you can't blame much of the bad news on China or Brazil.
But they tried.
In the case of Macy's, in theory, you can't blame it at all on China. It is one of the very few U.S. companies that gets 100 percent of their sales in the United States.
I said 100 percent in the U.S.A. Not China. Not Canada. Not Europe. Not Brazil. That's 100 percent in the U.S.A.
Read More Earnings miss 'a tough one': Macy's CEO
Still, Macy's tried to blame much of its disappointing results on China, though indirectly. Second-quarter results were expected to be poor, but they were even worse than expected. Comparable-store sales were down 1.5 percent.
CEO Terry Lundgren said "the strong U.S. dollar has led to significantly lower international tourist spending."
That's right. Even with 100 percent of the sales in the U.S., the retailer got hit because the Chinese and Brazilians weren't coming to New York to shop.
Seriously. Macy's blames it on Chinese and Brazilian tourists, and the port strike, and weak spending in apparel in general.
Macy's held full-year guidance flat at $4.70 to $4.80 a share. Consensus is $4.63 a share, though there is a gain on the sale of a Brooklyn store. Excluding that sale, guidance is lower, some estimate by $0.45 a share.