U.S. retailers posted much weaker-than-expected sales for November, as shoppers focused only on big bargains at the start of the key holiday selling season. Charles Grom, broadline retail analyst at JPMorgan, shared his industry outlook.
“I’m not trying to look at the glass too half-full: the numbers today weren’t good,” Grom told CNBC.
“But that was expected by the Street—nobody was expecting good numbers today.”
Grom said the first three weeks of November were very weak across the board, up until even a few days into the fourth week.