NEW YORK Oct. 27, 2008--The end of 2008 is shaping up to be the most difficult holiday season in memory for U.S. retailers.Faced with a torrent of challenges, including a horrible housing market, rising unemployment, falling consumer spending, declining consumer confid
ence, extraordinary stock market volatility, and uncertainty in the financial markets, the domestic retail industry is back on its heels, according to a new report by Standard & Poor's Ratings Services titled "The 2008 Holiday Season: No Diamonds In The Stocking," published earlier today on RatingsDirect.
"We think that the final quarter of 2008 will be a poor one as consumers continue to rein in their shopping," said Standard & Poor's credit analyst Gerald A. Hirschberg, "and that they will continue their long-standing history of waiting for last-minute bargains during the holiday."
ence, extraordinary stock market volatility, and uncertainty in the financial markets, the domestic retail industry is back on its heels, according to a new report by Standard & Poor's Ratings Services titled "The 2008 Holiday Season: No Diamonds In The Stocking," published earlier today on RatingsDirect."We think that the final quarter of 2008 will be a poor one as consumers continue to rein in their shopping," said Standard & Poor's credit analyst Gerald A. Hirschberg, "and that they will continue their long-standing history of waiting for last-minute bargains during the holiday."
With this as a background and the evidence of steadily declinin
g same-store sales throughout the retail sector, we are predicting that November-December GAFO (clothing, accessories, department stores, discount stores, sporting goods, book stores, toy stores, consumer electronics, music, home furnishings, and other goods) sales will at best be flat with last year's $255 billion.
Media Contact: David Wargin, New York (1) 212-438-1579, david_wargin@standardandpoors.com
Analyst Contacts: Gerald A Hirschberg, New York (1) 212-438-7837
g same-store sales throughout the retail sector, we are predicting that November-December GAFO (clothing, accessories, department stores, discount stores, sporting goods, book stores, toy stores, consumer electronics, music, home furnishings, and other goods) sales will at best be flat with last year's $255 billion.Media Contact: David Wargin, New York (1) 212-438-1579, david_wargin@standardandpoors.com
Analyst Contacts: Gerald A Hirschberg, New York (1) 212-438-7837
No comments:
Post a Comment