Retailers, consumers and prices
Check Out Line: Earnings-palooza!
Several retailers and food companies posted quarterly results, offering different views on where they stand in a recession that has consumers dialing back spending.
Macy’s posted a better-than-expected profit as it cut costs, but the department store operator’s new, higher earnings forecast shows full-year profit could still fall short of analysts’ expectations.
Sara Lee, the maker of baked goods and Jimmy Dean sausage, also reported a stronger-than-expected profit before one-time items on improvements in North America and said it was still considering divesting its international household and personal care business.
Underwear maker Maindenform also saw a profit that topped expectations, thanks largely to strong demand for its shapewear products, and raised its full-year outlook.
However, Liz Claiborne, owner of the Juicy Couture, Kate Spade and Lucky Brand chains, posted a deeper-than-expected quarterly loss as the recession kept many shoppers from buying the company’s clothing and accessories.
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