×
207
Fashion Jobs
NAGA LIMITED
Manager - Production
Permanent · Dindigul
UBRIGHT INTERNATIONAL CO. LTD
Senior Sales Manager 20+ Lakh p.a
Permanent · Pune
UBRIGHT INTERNATIONAL CO. LTD
Senior Sales Manager 20+ Lakh p.a
Permanent · Pune
JIO
jc Home Lead - Coimbatore & Tiruppur - Sales Manager
Permanent · Tiruppur
ERIS LIFESCIENCES LIMITED
Area Business Manager (Generics)
Permanent · Ahmedabad
DIGIKREDIT FINANCE
Requirement For Sales Manager :: Ahmedabad
Permanent · Ahmedabad
KHOSLA MACHINES PVT. LTD.
Sales Manager-North
Permanent · Sahibzada Ajit Singh Nagar
TRACKON COURIER
Area Sales Manager
Permanent · Vapi
AVANTOR
Area Sales Manager || Patna/Ranchi
Permanent · Ranchi
BDO INDIA LLP
Cnc Manager Production Manager Minimum 14 Yrs to 18 Yrs
Permanent · Chennai
KENT RO SYSTEMS
Corporate Sales Manager
Permanent · Chennai
AS
Opening For Production Manager in Leading Sweets Mfg Company
Permanent · Thane
CENTURY PLYBOARDS (I) LIMITED
Area Sales Manager - Ahmedabad
Permanent · Ahmedabad
SRL DIAGNOSTICS
Territory Development Manager
Permanent · Prayagraj
NATURELAND ORGANIC FOODS PRIVATE LIMITED
Area Sales Manager (Maharashtra)
Permanent · Mumbai
NATURELAND ORGANIC FOODS PRIVATE LIMITED
Area Sales Manager (Madhya Pradesh)
Permanent · Indore
GRAND CHEMICAL WORKS
Area Sales Manager- Jaipur & Lucknow
Permanent · Lucknow
KISHOR EXPORTS
Qam - Quality Assurance Manager For Garment Exports Company
Permanent · Ranchi
MARC LABORATORIES LTD.
Field Sales Officer/Area Business Manager / Regional Business Manager
Permanent · Varanasi
JAYPEE BROTHERS MEDICAL PUBLISHERS PVT LTD.
Area Sales Manager
Permanent · Prayagraj
RUDRAKSHA CERAMICS PRIVATE LIMITED
Area Sales Manager
Permanent · Pune
PROPERTYXPO.COM
Area Sales Manager| Real Estate Portfolio Management | Gurgaon
Permanent · Gurugram
By
Reuters
Published
Jun 16, 2009
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

US retail stocks fall; gas prices weigh on shoppers

By
Reuters
Published
Jun 16, 2009

By Aarthi Sivaraman

NEW YORK (Reuters) - Retail stocks fell on Tuesday 16 June after a report showed that shoppers went back to spending cautiously as gasoline prices inched up across the United States, resulting in weak retail sales.

The Standard & Poor's Retail Index .RLX fell 3.2 percent, while the broader S&P 500 Index .SPX was down about 1 percent.

A report from the International Council of Shopping Centers and Goldman Sachs showed that retailers' sales for the week ending June 13 fell 1.5 percent from a year ago, or 0.6 percent from the prior week, which ended June 6.

"Consumers scaled back their spending over the last week as rising gasoline prices -- the highest since October 20, 2008 -- and unfavorable weather added to their cautiousness," ICSC chief economist Michael Niemira said in the report.

Average gasoline prices were up 2 percent over the week at $2.67 on Tuesday 16 June. That is an increase of 16 percent from a month ago, but down about 34.5 percent from a year earlier.

ICSC expects June sales at stores open at least a year, excluding those of Wal-Mart Stores Inc (WMT.N), to show a decline of about 5 percent after falling 4.6 percent in May, Niemira said.

Consumer spending has been lackluster as the recession, job losses, the weak housing market and tight access to credit impede people's ability to spend. Retailers have struggled as shoppers reserve their money for essential items such as groceries, favor discount retailers, or only buy merchandise at deep discounts.

Stocks of department stores such as Saks Inc (SKS.N), Macy's Inc (M.N) and J.C. Penney Co Inc (JCP.N) each dropped about 6 percent or more. Shares of apparel retailer Chico's FAS (CHS.N) fell 7.9 percent, Abercrombie & Fitch (ANF.N) was down 5 percent and Gap Inc (GPS.N) slid 2.9 percent.

The sell-off was not as steep for discount retailers and dollar stores. Target Corp (TGT.N) fell 3.8 percent and Wal-Mart declined 0.5 percent, while Family Dollar Stores Inc (FDO.N) dropped 1.1 percent and Dollar Tree Inc (DLTR.O) slipped 1.8 percent.

Meanwhile, electronics retailer Best Buy Co Inc's (BBY.N) stock fell 6.6 percent after it posted lower first-quarter earnings, and implied earnings for the rest of the year would be worse than forecast.

Best Buy said it gained market share after rival Circuit City shut its doors, but has faced increased pressure from Wal-Mart and others which have added items like flat-screen televisions to their stores.

"If Best Buy continues to struggle given that they just had one of their primary competitors taken out of the market, it makes you wonder," said Ken Perkins, president of research firm Retail Metrics.

(Reporting by Aarthi Sivaraman; Additional reporting by Ian Sherr and Jessica Wohl in Chicago; Editing by Richard Chang)

© Thomson Reuters 2022 All rights reserved.