| Retailers issue profit warnings |
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| Sunday, 13 April 2008 | |
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It's a bleak time for the retail industry. In the FTSE index retailers issued the most profit warnings of all the companies in the first three months of this year. But
the pain was shared across the board with UK plcs firing off 114 profit warnings in the first quarter of 2008.
That was the second consecutive quarter with a tally of more than 100 alerts a level not seen since the 2001 dotcom crash, says a study by Ernst & Young. The data is seen as evidence of the deepening financial crisis caused by the 'credit crunch' first manifested in risky loans made in the now deflating US housing market that has resulted in banks writing off billions of pounds. |
