Department stores show weak earnings

Abu Dhabi News.Net
Sunday 18th May, 2008

The weak US economy has caused some department stores to report lower profits.

The ability for shoppers to spend has been severely curtailed by high petrol prices, rising food costs, a deteriorating housing market, a credit crunch and weakening job market.

Nordstrom, Kohl's and JC Penney have all reported lower first-quarter net profits due to weak sales.

Wall Street analysts say they had expected worse and all three retailers beat expectations for the first quarter, despite the slump.

JC Penney and Nordstrom reported lower total sales in the quarter.

Sales at Kohl's Corp rose a meagre 1.5 per cent.

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