preview scenario:
trade-down rotation
income weakness
fork unresolved · watch the inputs
Off-price comps and guidance fork into trade-down versus income-weakness outcomes
consumer confidence
shoppers turn cautious
CEO: flags pullback
discretionary
+ home spend
apparel + home
traffic holds
basket shrinks
Marmaxx comps
largest US apparel segment
raised comp guide
absorbs tariffs · softer H2
trade-down rotation
off-price gains share
validates dip-buy
income weakness
comps + margin compress
validates de-risk
watch · Ross Q2 · Aug 20
watch · TJX Q3 · Nov