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Daily News – August 19, 2009

August 19, 2009

WWD is reporting that retail stocks are up 1.8% in Tuesday’s trading. An impressive one-day jump. Marketwatch and a number of other news outlets are reporting slight deflation (0.9%) of North American production costs when compared to the same period last year.  This however has not translated into savings for the retail consumer:

Last week, the government reported that consumer prices were unchanged in July, in a report giving the Federal Reserve latitude to keep U.S. interest rates low as the economy struggles against weak demand and rough job conditions.

Bloomberg is also reporting Saks losses for the quarter:

Saks reported a net loss that widened to $54.5 million, or 39 cents a share, as the luxury retail chain held down inventories and expenses. Analysts predicted a loss of 52 cents, the average of nine estimates compiled by Bloomberg.

The Wall Street Journal reported that the share price for Saks is up today, on the news:

Saks (NYSE) gained 37 cents, or 6.9%, to 5.72. The luxury retailer’s fiscal second-quarter loss widened, but was less than analysts had expected.


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