Profit slides at major U.S. retailers
This article describes how the recent income at some major retail stores such as Target and Home Depot has dropped. The article begins discussing about how the net income has dropped 66 percent in the first fiscal quarter at Home Depot, and declined 7.5 percent at Target. Home Depot shares were down 4.4 percent, Target was 0.5 percent lower, and Saks was lowered by 6.7 percent. The article mentions that shoppers have been dealing with rising prices of food and fuel, and haven't had much for clothing, home-remodeling projects, and jewelry. Home Depot has cut jobs and closed stores. A quote mentions that most of Target's items are discretionary and don't benefit the customer as much during the price increases. The article closes describing how Saks is being considered for a takeover offer by the Icelandic investment company Baugur Group.
Visuals Associated: money, dollar sign, Target symbol, Home Depot logo, statistical chart lowering, numbers, clothes, home-remodeling equipment, jewelry
Related Links:
Article on Home Depot's income drop
Article on Target's income drop
Information on Saks income drop
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