Retailers, consumers and prices
Check Out Line: Nobody’s buying nothin’
Check out the lack of interest in pens and purses.
Retailers as varied as Coach and Office Depot reported lower quarterly sales, continuing to show that despite some forecasts that the recession may be at an end, consumers are cutting back on just about everything.
Coach sales fell 1 percent and profit, excluding one-time items, dropped 21 percent.
Sales at Office Depot fell 22 percent and the company posted a wider than expected loss, sending its shares down 14 percent.
Oh, and it isn’t just office supplies and fancy bags consumers are cutting back on.
Grocery chain operator Supervalu reported a 4.5 percent drop in quarterly sales as it cut prices to try to keep consumers from going to stores like Walmart.
Economists are looking for “green shoots” everywhere these days, but the consumer still doesn’t seem to be buying it … or anything.
Also in the basket:
CIT courts creditors, plans large debt exchange
Under Armour posts surprise second-quarter profit
PepsiAmericas Q2 profit beats estimates, ups FY outlook
Italian group makes offer for Christian Lacroix (N.Y. Times)