Retailers, consumers and prices
Check Out Line: Sit tight. They’ll bring the bad news to you.
The company has canceled its annual analyst meeting at its headquarters in Plano, Texas. Seems the recession has hurt many firms’ travel budgets.
But not to worry — J.C. Penney will come to New York to meet with analysts instead!
Of course, the story Penney has to tell isn’t the greatest one right now. Profit fell 51 percent in the key fourth quarter, and the company expects a deeper loss in the first quarter than Wall Street expected.
But at least the analysts get to stay home (well, the ones based in New York) and Penney executives get out of Plano!
Also in the basket:
Lowe’s posts sharp drop in profit
As U.S. downturn deepens, repair business thrives
Crop scientists say biotechnology seed companies are thwarting research (N.Y. Times)