Shop Talk » WWD http://blogs.reuters.com/shop-talk Retailers, consumers and prices Tue, 08 Jul 2008 16:37:31 +0000 http://wordpress.org/?v=2.3.3 en Check Out Line: Is it getting worse out there? http://blogs.reuters.com/shop-talk/2008/03/28/check-out-line-is-it-getting-worse-out-there/ http://blogs.reuters.com/shop-talk/2008/03/28/check-out-line-is-it-getting-worse-out-there/#comments Fri, 28 Mar 2008 14:54:12 +0000 Brad Dorfman http://blogs.reuters.com/shop-talk/2008/03/28/check-out-line-is-it-getting-worse-out-there/ recession.jpgCheck out the warning from J.C. Penney.
 
The retailer slashed its first-quarter earnings forecast and said Easter sales were well below expectations.
 
That may be a pretty good snapshot of where the American economy is right now. J.C. Penney says half of American families are its customers and those families are under pressure from higher energy costs, a deteriorating job market, the housing downturn and the credit crunch.
 
Not much news there. But according to J.C. Penny’s forecast, things are much worse than the company thought.
 
The warning comes the same week Williams-Sonoma Chief Executive Howard Lester said the economic environment was probably the worst he’s seen in the 30 years he has been in the business.
 
Oh, and Lester added this cheery note:
 
“We believe there are circumstances under which it could get progressively worse, particularly if we find ourselves in a protracted recession.”
 
Also in the basket:
 
Cash-rich retailers stand to gain in credit crunch
 
Li & Fung’s 3-Year Plan: Sourcing Giant Aiming For $20 Billion in Sales (WWD)
 
Office Depot Holder Group files proxy statement 
 

(Photo: Reuters)

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