Retail traffic has slowed to a crawl as consumers shut their wallets, caught in the paralyzing grip of tightened credit, rising unemployment and falling home values. It may take a miracle to save retailers this Christmas.
| Source: The Associated Press
J.M. Smucker Co., the nation's top maker of jams and jellies and now into the coffee market, said Friday that its earnings rose 3 percent in its second fiscal quarter, due to price increases and families choosing to have meals at home in hard times.
| Source: The Associated Press
Shares of Tiffany & Co. slipped to a multi-year low on Friday, after an analyst warned that softening consumer spending and declining tourism will hurt the jeweler this year and in 2009.
| Source: The Associated Press
Shares of Autodesk Inc. sank Friday after the design software maker's fiscal fourth-quarter forecast fell widely short of analysts' expectations.
| Source: The Associated Press
Analysts offered mixed reviews Friday following Brocade Communications Systems Inc.'s fourth-quarter earnings report, which beat Wall Street expectations but was tempered by a more conservative outlook.
| Source: The Associated Press
Among the earnings stories for Friday, Nov. 21, from AP Financial News:
H.J. Heinz posted a higher quarterly profit on Friday, helped by price increases, currency hedging and strong sales in North America and emerging markets.
AnnTaylor Stores reported a quarterly loss Friday as the financial crisis exacerbated already weak sales trends, and the women's apparel retailer said it expects softness in consumer spending to persist through the current fourth quarter.
| Source: The Associated Press
Canadian Solar Inc., which makes solar power products, on Friday said its third-quarter earnings multiplied from a year before due to increased production and sales of low-cost products which helped strengthen margins.
| Source: The Associated Press
Women's clothing retailer AnnTaylor Stores Corp. swung to a loss in the third quarter due to restructuring charges and a consumer spending drop off, and said it would curtail capital spending to combat the weak environment.
| Source: The Associated Press
Jelly and jams maker J.M. Smucker Co. said Friday that its second-quarter profit edged up 3 percent on acquisitions and price increases.
| Source: The Associated Press
Women's clothing retailer AnnTaylor Stores Corp. is expected to see its profit almost disappear compared with a year ago when it reports third-quarter earnings Friday.
European stocks slipped in a broad selloff, falling for the seventh day in nine sessions, with fresh fears over the financial sector knocking down banking shares such as Societe Generale.
| Source: The Associated Press
Foot Locker Inc. said Thursday that it reversed a year-ago loss in the third quarter but it missed analysts' expectations as sales fell on a pullback in consumer spending.
| Source: The Associated Press
The Pantry Inc., which operates a chain of convenience stores, said Thursday its fiscal fourth-quarter profit soared in the quarter on a 24.5 percent boost in revenue, which benefited from higher gas prices.