Week’s Business Focus: Retail Sales, Target Achievements, and Sales of Existing Homes.

On Tuesday, the Department of Commerce will release retail sales data for April, and analysts are expecting an improvement from March, with sales predicted to rise by 0.8%. In March, there was a decrease in retail spending for the second consecutive month, indicating that consumers are becoming more cautious. Retail sales in March fell by 0.6% from February. The table shows monthly changes in retail sales from October to March.

Retailer Target is expected to post a profit of $1.77 for the quarter and revenue of $25.3 billion when Wall Street analysts report their financial reports on the latest quarter. Target underperformed earnings expectations in the same period last year, reporting earnings of $2.19 per share. The company announced its plans in February to invest up to $5 billion this year in expanding customer services, including return promotions, store renovations, and online shopping upgrades.

On Thursday, the National Association of Realtors released monthly data on existing home sales. The report showed that in March, existing home sales in the US have decreased by 2.4% from February 2022 and 22% from March. Due to rising mortgage rates and supply shortages, home buyers, primarily first-time buyers, are facing difficulties. However, house prices are currently falling, as the national median home price fell to $375,700, the biggest annual median decline in more than ten years. The table shows US home sales by month, seasonally adjusted annual rate, from November to April.

Source: FactSet

Leave a Reply