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July 13, 2007
Retail Sales Slow In June; Luxury A Bright Spot
Retail sales posted their largest drop in two years in June, dipping 0.9 percent, according to the U.S. Commerce Department. The dip comes after a strong first quarter of spending and a 1.5 percent decline in May.
In general, specialty retailers and discounters fared better than department stores. Luxury chains like Saks and Neiman Marcus were the best performers, posting year-over-year sales increases of 5.6 percent and 6.4 percent, respectively.
Posted by Blacks on July 13, 2007 08:17 AM
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