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By Phil Wahba NEW YORK (Reuters) - Many large U.S. retailers slashed their earnings forecasts on Thursday because of steep discounts they offered during the holidays to persuade reluctant consumers. The discounts boosted overall industry sales but hurt profits at many chains, including L Brands Inc , Family Dollar Stores Inc and teen retailer Zumiez Inc . Even retailers that reported big sales gains, like Kay Jewelers parent Signet Jewelers Ltd... Read more...
(Reuters) - U.S. jeweler Tiffany & Co reported a 6 percent jump in sales at stores open at least a year during the holiday shopping period, helped by strong demand in America. The company, famed for its blue boxes and its Fifth Avenue flagship store in Manhattan, maintained its full-year profit forecast, in contrast to other large retailers that have slashed their outlooks due to steep discounts. Tiffany said net sales rose 8 percent in... Read more...
By Angela Moon NEW YORK (Reuters) - U.S. stocks ended little changed on Thursday in a choppy session ahead of Friday's payrolls report, which may provide insights into whether the Federal Reserve will announce another cut in quantitative easing at its meeting this month. The S&P retail sector index slipped 0.2 percent after a number of retailers, including Bed Bath & Beyond and Family Dollar , slashed their earnings forecasts. The... Read more... Read more... Read more... Read more...