No Letup in Bad News: Major Stores Report Steep Drops in Profit
Friday, May 16, 2008
By Evan Clark
The evidence just keeps building that consumers have slammed their wallets shut when it comes to buying apparel.
A trio of major department stores — J.C. Penney Co. Inc., Kohl's Corp. and Nordstrom Inc. — all showed signs of wear and tear Thursday in reporting their first-quarter financial results. Profits at Penney's fell 49.6 percent, the bottom line at Kohl's slipped 26.8 percent and Nordstrom was off 24.2 percent.
A trio of major department stores — J.C. Penney Co. Inc., Kohl's Corp. and Nordstrom Inc. — all showed signs of wear and tear Thursday in reporting their first-quarter financial results. Profits at Penney's fell 49.6 percent, the bottom line at Kohl's slipped 26.8 percent and Nordstrom was off 24.2 percent.
