Strong Signs of US recovery
Wal-Mart and JC Penney sales figures Show Consumer Confidence is Back
May 15 2002
Financial statements from two leading US retailers give a strong indication that consumer confidence has been restored in the wake of the September 11 attacks.
Wal-Mart, the worlds biggest retailer, has reported record earnings and sales for the quarter ended April 30 with total sales of $55bn, an increase of 14.4 percent over the
similar prior year quarter.
JC Penney, which operates department stores, catalogues and drugstores, more than doubled its first-quarter earnings and reported a fifth consecutive quarterly increase in like-for-like sales. Allen Questrom, Chairman and Chief Executive Officer, said, “Results for the quarter exceeded Wall Street expectations and provide additional evidence that our turnaround is on track.”
