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Clothing Retailers Around the World Struggle to Control Sales Decline
Saturday 11th of October 2008 04:44:23 PM
During tough financial times like those currently being experienced, retailers often are equalized in terms of sales declines. Some of the most popular chain retailers are reporting sales declines. These declines are not controlled by boundaries either with retailers around the world reporting the same financial problems.,Recently, JC Penny, Wal-Mart, Target and Costco in the USA; and BHS of Topshop, and Mark and Spencer in the United Kingdom; have reported declining sales. Though Wal-Mart was able to report a 2.4% increase in like-for-like sales as of September, the company was unable to meet the Wall Street earnings estimates. The company had expected to report a 2.5% increase. A similar chain, Target, also had to report a 3% sales decline for same-store sales.
Consumers are not spending money except for items absolutely required. Many are shopping online for clothing such as uniforms where bargains can be found. The chains that sell primarily low and medium priced goods were expected to maintain their financial performance. Instead, stores like JC Penny are reporting declining same-store sales.
In September 2008, the JC Penny sales were down by 12.4% when compared to the same time period in 2007. Other stores reporting a drop in sales include American Eagle Outfitters and Saks.
The bad news is not limited to the US either. BHS is a department store chain owned by Topshop. The stores reported a whopping decline of 34% in annual profits in the UK. Mark and Spencer stores have also reported significant sales declines.
The giant retailers are concerned the holiday season is going to be bleak. This is the time of year when stores are already gearing up for the increased holiday sales, but with consumers tightening spending it does not appear at this point it will be a good holiday in terms of sales.
(c) Image by Jess Rafn, www.sxc.hu/
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