U.S.A. retail fact of the day

At the remaining publicly listed department stores, credit cards — rather than retail sales — now generate a surprisingly large chunk of profits. Credit income accounted for about 47 per cent and 66 per cent, respectively, of Nordstrom’s and Kohl’s operating income last year, according to Bank of America Global Research. At Macy’s, the figure was about 55 per cent in 2022, said Citigroup.

Here is more from Lex at the FT.