J P M O R G A N North America Equity Research 14 August 2026 Broadlines & Hardlines Retailing July Retail Sales: Softer Month with Tough Compare; TGT/WSM/HD/LOW 2Q SSS Laterals Overall, July came in below consensus expectations likely due to the tough compare we've cited in our previews (July was peak comp for many retailers as tariff-inflation was initially absorbed by the consumer with little elasticity). Specific to our world, 6 out of 11 categories decelerated vs. June on a YOY basis, led by nonstore, s ...