Holiday Shopping
American Eagle Outfitters, the Pittsburgh-based apparel company, is among businesses reducing prices to lure consumers during the busiest shopping period of the year.
“We continue to operate in the most challenging sector of retail where there has been intense promotional competition and tepid consumer spending,” Chief Executive Officer Robert Hanson said on a Dec. 6 earnings call. “Sales have been promotionally driven, which is pressuring margins.”
Researcher ShopperTrak reiterated at the end of last month a forecast it gave in September that holiday sales will grow 2.4 percent, the smallest gain since 2009.
Hourly earnings adjusted for inflation rose 0.2 percent, after rising 0.1 percent the prior month. They were up 0.9 percent over the past year.