Of U.S. consumers expecting a tax refund, 30 percent plan to spend their money to buy everyday- or big-ticket products, down from 32 percent last year, according to the National Retail Federation survey. It found that people mostly planned to save their refunds or pay down debt.
Car parts retailer Autozone on Tuesday blamed the slow flow of tax returns for quarterly sales that missed analysts' estimates, but it said it expects to benefit as people eventually receive their refunds.
"We expect performance to improve in Q3 if for no other reason than the shift in timing of income tax refunds," CEO Bill Rhodes told analysts on a conference call.
This article was provided by Reuters.