Retail Profits Off in 1Q
Washington, DC, October 12, 2005--After-tax profits of retail corporations with assets of $50 million and over totaled $13.0 billion in the first quarter 2005, down $3.7 billion from the preceding quarter.
Today's Flooring News
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NAR: Home Sales Forecast Looking Stronger
Washington, D.C., October 12, 2005--The forecast for home sales has trended up as the year progressed, fueled lately by added demand resulting from the impact of recent hurricanes, according to the National Association of Realtors.
Report Compares European & North American Flooring
Wilmslow, U.K., October 12, 2005—Textiles Intelligence issued a research report today indicating striking differences in the structure of companies in the floorcovering sector in Western Europe compared with that of North America.
Sphinx Intros New Collections, Expands Others
Dalton, GA, October 12, 2005--Sphinx by Oriental Weavers will debut two new handcrafted collections and additions to each of its three licensed product lines at the upcoming International Home Furnishings Market in High Point.
FOMC Minutes Show Fed Leaning Toward More Hikes
Washington, D.C., October 12, 2005--Federal Reserve policy makers grew more concerned about inflation after Hurricane Katrina and said that interest rates would probably have to move higher to restrain prices, according to minutes of the central bank'
Wall Coverings Demand to Reach $2.4B in 2009
Cleveland, OH, October 12, 2005--Demand for wall coverings is projected to advance 4.3% annually from a weak 2004 base to $2.4 billion in 2009, according to a new study from The Freedonia Group, Inc., a Cleveland-based industrial market research firm.
Greenspan: Flexibility Benefits Economy
Washington, D.C., October 12, 2005--Federal Reserve chairman Alan Greenspan said on Wednesday the ability of the U.S. economy to weather shocks showed the benefits of flexibility, even if this performance also encouraged "speculative excess."
KB Home to Offer Homes Designed by Martha Stewart
Los Angeles, CA, October 12, 2005-- KB Home, one of the nation's biggest homebuilders, said Wednesday it would start selling a line of homes designed and decorated by Martha Stewart.
Fed Probe of Former Kmart Execs Dropped
Detroit, MI, October 11, 2005--Federal prosecutors will not charge former executives of Kmart Corp., including former chairman and chief executive Charles Conway for their roles in events leading up to the discount retailer's 2002 bankruptcy.
Chain Store Sales Up Last Week
New York, NY, October 11, 2005--Chain store retail sales rose for the third consecutive week, with stronger sales in the Northeast and the Midwest, a retail report said on Tuesday.