Shop Talk

Retailers, consumers and prices

Check Out Line: Tough Month for Retail

October 8, 2008

Check out disappointing September retail sales

Many U.S. retailers posted worse-than-expected sales at stores open at least a year on Wednesday, and some cut their profit outlooks and said things won’t improve anytime soon as consumers remain shaken by the financial crisis, job worries and the housing slump.

retail12.jpgDiscounter Wal-Mart Stores and warehouse clubs managed the best sales performances in September as shoppers sought bargains on necessities. Wal-Mart, the world’s biggest retailer, stood by its third quarter earnings forecast.

Apparel retailers and department stores were particularly hard hit, and even luxury chain Neiman Marcus said consumer demand will stay weak for an extended period. Kohl’s, J.C. Penney and Nordstrom cut quarterly profit forecasts.

The results could further subdue expectations for the 2008 holiday season, expected to be one of the weakest in recent years.

Also in the basket:

Costco quarterly profit rises

August pending home sales jump

Car makers seen betting on electric vehicles

(Photo: Reuters)

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