The global recession is taking a severe toll on luxury goods, with LVMH — owner of Dom Perignon, Louis Vuitton and De Beers — reporting sharp declines at its wines, spirits, watches and jewellery divisions.
OK, so a nearly 10 percent drop in U.S. sales is nothing to crow about, but it sure beats a 19.6 percent fall. Harley-Davidson’s stock is jumping today — and has more than doubled since March — because of stronger-than-expected earnings and a much smaller sales decline in its biggest market.
Ben Bernanke has taken some flack for his argument that “green shoots” of economic activity might lurk around the corner. In one such swipe, Justin Fox of Time Magazine argued that the metaphor is flawed because what we’re really talking about is a moderation of contraction, not growth.
from Shop Talk:
Check out this deeper look at March's same-store sales results.
Last week, retailers reported monthly sales that declined less than expected, a possible sign that shoppers may be regaining confidence to open their wallets after more than a year of recession.
from UK News:
Stopping off in New York during a marathon, 18,000-mile diplomatic offensive before next week’s G20 summit in London next week, British Prime Minister Gordon Brown recalled a conference held in eerily similar circumstances in London 76 years ago.
from Mark Felsenthal:
"I think, Watson," Sherlock Holmes tells Watson in "The Five Orange Pips," "that of all our cases we have had none more fantastic than this."
Ladies and gentlemen, we have a name. We are living through “The Great Recession”. Dominique Strauss-Kahn, managing director of the International Monetary Fund, used the term to describe our current angst on a trip to Africa this week. He may not have been the first to use it — we have found other citations, including JPMorgan — but the guessing here is that it may stick with him because of his role.