Former Toys 'R' Us CEO Gerald Storch weighs in on earnings reports from Walmart and Target as well as retail data on 'Varney & Co.'
argued on Wednesday that earnings from Walmart and Target serve as "great indicators" of the health of the U.S. economy." on Wednesday, noting that he worked at the retailer for a long time. "Walmart does better in tougher times," he continued. "So what we’re seeing right now, is that the reopening euphoria is ending and the hangover, the headache is beginning between inflation and the slowing of the economy.
The business leader provided the insight shortly before it was revealed that spending at retail stores stalled out in July and instead turned to online shopping.
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