Revenues were $55,422.2 million in the second quarter at the 54 public companies we track, a hair lower than the $55,456.1 million tally last year, while aggregate net income slipped 9% to $3,232.0 million from $3,567.2 million, as many companies saw margins narrow.

Echoing other recent forecasts, Bain is expecting 3% nominal growth in U.S. retail sales this Holiday, the lowest since 2018, implying year-over-year real growth of just 1%, which would be the lowest in fourteen years.