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Stein Mart stumbles as U.S. retail sales, appliance imports recover in July

China 2671 Cons. Discr. - Apparel 390 Cons. Discr. - Durables 366 Cons. Discr. - Retailing 333 Coronavirus 456 Financing 111 U.S. 4741

U.S. retail sales continued to recover in July with an 8.5% year over year increase. Among traditional stores, furniture and electricals stores did best with growth of 6.8% and 8.6% respectively while department stores continued to do poorly with a 9.1% slide. Many retailers are still struggling. Stein Mart became the latest multi-line retailer to enter Chapter 11 bankruptcy with U.S. seaborne imports linked to the firm having dropped by 79.4% year over year in July after sliding 31.8% lower in Q2. The recovery in the fortunes of electrical retailers looks set to continue with total U.S....

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