Retailers, including Wal-Mart Stores Inc and Target Corp, posted disappointing July sales results on Thursday as shoppers ran out of extra tax rebate cash, diminishing the outlook for the current back-to-school shopping season.
The sales results, along with cautious outlooks for August, left little hope that there would be a lasting boost from tax rebate checks to prop up consumers headed into the back half of the year and the all-important December holiday season.
"The stimulus (checks) really had a marginal effect at best and it has run its course and there's no carry-through," said Retail Metrics President Ken Perkins. "It's difficult to see where some sort of boost in spending is going to come from."
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