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Article Date: April 2023
Word Count: 1171

Industry Profits Tumble 48% in Q4 on 5% Revenue Growth

Sales in the Holiday quarter grew by 5% to $60,048.9 million from $57,433.6 million at the 54 public companies we track, but rising costs and more promotions than last year sent aggregate net income down by nearly half to $2,539.7 million from $4,869.7 million. Just 31% of companies reported an increase in profits, with every sector’s total net income declining. The top line was higher at 44% of companies, but only footwear and retail could muster improved total revenues. Return on Sales was 4.2%, down from 8.5% in Q4, 2021, and ... Log in to view full article.


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