|Man Without Qualities|
Wednesday, December 25, 2002
Reports on this year's Holiday sales are all over the map! One report is all doomy gloomy:
U.S. retailers, reeling from a lackluster holiday season that is forecast to be the weakest in more than 30 years, may ring in the new year with steep markdowns on clothing, accessories -- and profit forecasts. Analysts cut earnings estimates for retailers ranging from sector leader Wal-Mart Stores Inc. to upscale jeweler Tiffany & Co. Inc. on Tuesday, a day after major chain stores reported another week of tepid sales in what was supposed to be the biggest shopping period of the year.
That's pretty clear: Retail sales this year are less than for any of the last 30 years. A disaster.
But wait. Another reports says that Ho;liday sales are up compared to last year:
In a weekly report on Tuesday, the Bank of Tokyo-Mitsubishiand UBS Warburg forecast holiday sales in November and December would be up an anemic 1.5 percent over last year, the smallest gain since the banks began tracking weekly sales in 1970.
And, OOPS - BOTH REPORTS ARE IN THE SAME REUTERS ITEM!
It's not easy to be sure, but it looks like its the annual rate of increase that's supposedly low.
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