June 6, 2008

IT'S CALLED SHOPPING:

Retailers fare better than expected (Washington Times, June 6, 2008)

[C]ostco Wholesale Corp. and Wal-Mart Stores Inc. were among the strongest performers, but fewer rebate dollars made their way to the mall, and retailers such as Gap Inc. and American Eagle Outfitters Inc. missed expectations.

"It was a great month for discount retailers, but the rest of retail is struggling to capture a share of the consumer's wallet," said Patricia Edwards, a portfolio manager and retail analyst at Wentworth, Hauser & Violich in Seattle.

Overall, results were better than the gloomy May analysts predicted as consumers still shopped despite rising energy costs, declining home values and tightening credit, and some analysts saw some glimmers of a possible pickup in business later this year. And tax rebate checks helped offset rising gas prices, said Ken Perkins, president of RetailMetrics LLC, a research company in Swampscott, Mass.

Posted by Orrin Judd at June 6, 2008 7:23 AM
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