Not since at least 1970 has holiday shopping in the United States posted such dismal numbers, according to data released on Tuesday that was likely to prompt retailers to curtail their business even more in 2009.
Limited Brands Inc posted a better-than-expected 35 percent rise in adjusted quarterly earnings by controlling costs and inventory, and raised its fiscal-year earnings outlook, sending shares up 10 percent.
Gap Inc said on Thursday that higher profit margins contributed to a rise in quarterly net profit that beat Wall Street projections by a penny, even as sales trends proved disappointing at its chains.Gap shares rose 1.
Summer weather, aggressive promotions and tax rebates sent many U.S. consumers shopping in June, giving retailers struggling in the weak economy their strongest month in more than a year. About two-thirds of U.S.
U.S. retailers reported a mixed bag of May sales results on Thursday, with consumers focused on lower prices and essentials like food, but signs emerged that tax rebates were helping to spur some spending.