Retailers, consumers and prices
Check out Dillard’s plunging profit.
In case you missed it, the department store chain operator reported a 94 percent drop in quarterly profit after the closing bell on Thursday.
“The weak economic conditions, particularly in Florida, made it extremely difficult to achieve profitable sales levels,” Chief Executive William Dillard said in a statement.
If you didn’t know Dillard’s was reporting earnings on Thursday, you weren’t alone.
The company didn’t disclose that they planned to report until less than three hours before they released results. To put it in perspective, if you gave your doctor that little notice before canceling your check up, you would still have to pay for the appointment.
In April, 24.5 percent of American consumers postponed a major purchase — an item of $500 or more – citing worries over higher gas prices, job security, credit card debt and the wait for a tax refund, according to a survey conducted by America’s Research Group.
That’s a big shift from a year ago, when almost 23 percent delayed a major purchase, saying they “did not want to spend the money right now.”