Irish Sun
First published 1880 Saturday 5th July 2008 Issue 1535
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    Department stores show weak earnings
    Irish Sun
    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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