Sales rose 1% last quarter after surging 12% over the same period last year. The CEO said shoppers last year were euphoric on tax cuts.
at its flagship brand on shoppers coming down from a"sugar high" fueled by the Trump administration's tax cuts.
"There is no question that a customer this year in this summer, is not as enthusiastic a shopper as she was last year," said CEO Richard Hayne on the group's ."Last year at this time, she is just coming off what I like to talk about as a sugar high from the tax rebates, the tax cuts."Hayne determined the tax cuts,, were a key factor after thinking about the average customer. Given the strength of US employment, take-home pay, and consumer sentiment,"it's hard to imagine that there is anything wrong with her," Hayne said.
Following the tax cuts, the trend of declining store traffic was"set on its head" last year, Hayne said."We are back down to where we were before and if you took out that one anomaly of the summer of 2018, then I think you would see that it's pretty much a direct line and I don't expect that to really change."
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