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J.C. Penney Co. and Williams-Sonoma Inc. said Thursday that quarterly profit fell as higher housing, food and fuel costs squeezed consumers’ pocketbooks, dimming retailers’ expectations for the holiday shopping season.
Profit at J.C. Penney, the third-largest U.S. department-store chain, declined for the first time in three quarters as sales fell. Williams-Sonoma, the nation’s biggest gourmet-cookware chain, had fewer-than-anticipated store customers this month and predicted further weakening as a housing slump discouraged shoppers.
Holiday sales can make or break a retailer’s yearly profit, with about 30 percent of annual earnings on average coming in the three months through January.
