Shares of retailers and other consumer-services companies fell after weak retail sales and consumer sentiment data, reflecting the impact of recent hurricanes. Spending at U.S. retailers fell 0.2% in August, and sales earlier in the summer were less robust than previously estimated, the Commerce Department said Friday. Consumer sentiment also slipped slightly because of the massive storms, according to the latest survey by the University of Michigan. Analysts say spending on rebuilding could more than offset the damping effects on expenditure during the storms. "While auto sales and sales at home improvement stores were weaker in August, we expect to see some bounceback in September," said analysts at brokerage Morgan Stanley, in a research note. "Early industry figures for September point to a large bounceback in auto sales, even before hurricane-related tailwinds kick in." Yum Brands said its Pizza Hut franchise in the U.S. would shift toward a pure delivery business, with improvements on pizza containers and national pricing. Closely held fruit-and-vegetable producer Dole Food is exploring a sale, The Wall Street Journal reported.
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(END) Dow Jones Newswires
September 15, 2017 16:23 ET (20:23 GMT)