Highlights
Chain-stores reported flat sales in June, confirming flat expectations for tomorrow's retail trade data from the Commerce Department. Many chains, especially in apparel, are discounting prices in order to prop up sales. The result is another surge of earnings warnings similar to a wave that hit when April's results were posted. Profit weakness in the sector could very well be hurting payrolls in the sector, which have declined in two of the last three months.

But Wal-Mart, by far the nation's largest retailer with more than $27 billion in monthly U.S. sales, posted U.S. same-store sales growth of 2.5%, well up from 1.3% in May. The stock market is rallying this morning in part on Wal-Mart sales and in part on merger activity. But early gains for retailer shares stand in contrast with the sector's profit outlook.

2007 Release Schedule

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