Macy's, Best Buy Sales Declines Reflect Pullback by Shoppers

Consumers pulled back on purchases of apparel and electronics in recent months, while continuing to spend on groceries and other necessities, according to some of the largest U.S. retailers. 

Department-store chain Macy’s Inc. on Thursday said sales were down 4.6% in the fourth quarter, as people spent less online and in stores. Macy’s has said that the days around Christmas were a bright spot in an otherwise underwhelming holiday season as it burned off inventory.