Retail sales decelerated 580 basis points over the past three months, one of the biggest slowdowns Keith McCullough has witnessed in his 24-year career.

“We saw it in Home Depot’s numbers yesterday, we’ll see it in Lowe’s numbers next week, and we saw it in Target’s numbers this morning,” explains Brian McGough in this clip from The Call @ Hedgeye. “People are talking about the ‘great headline beat,’ and how things look awesome at Target. Well, the only thing that looks good at Target is its ability to cut Selling, General & Administrative (SG&A) expenses, because that’s how it hit the quarter.”

FYI—Among other massive headwinds, McCullough shared an in-depth assessment of the Retail sector’s woes in today’s Macro Themes Mid-Quarter Update webcast with subscribers. The issues won’t be resolved anytime soon, and even when they are, the turnaround will be slow-moving.

Today’s Macro Themes webcast is available to Macro Pro and institutional subscribers. For access and upgrade options, email

Reality Check: The U.S. Retail Outlook Is Dog Sh*t - 2Q2023 Macro Mid Quarter Update