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Global markets took the meltdown up another notch on Friday, with Japan’s Nikkei index ending down 9.6 percent and European shares down 8 percent. U.S. stock futures market fell so much
they had to be frozen at several points overnight.
It’s the kind of Black Friday retailers don’t want to see.
Consumers are pulling back in droves and Liz Claiborne is the latest to feel it.
The company lowered its full-year earnings forecast and also said it plans to cut capital spending in half in 2009.
Comparable net sales also fell 15.9 percent percent in the third quarter, the company said.
“Traffic in malls and street locations is off in every region, including Europe,” CEO William McComb said. “Consumer confidence has clearly been impacted in a way we hadn’t seen earlier this year.”
The department stores that carry Liz Claiborne’s clothes dramatically increased promotional spending in September, he said.
By the way, it’s just 62 days until Christmas.
Also in the basket:
Credit crisis may lead InBev to revisit Anheuser deal
Palin v. Palin (WWD)
Shop Talk
Retailers, consumers and prices
Check Out Line: The wrong kind of Black Friday
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Posted by: Brad Dorfman
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