SOURCE: Rothman Research

Rothman Research

April 29, 2010 09:25 ET

Consumers Taking a Leap of Faith

JOHANNESBURG, SOUTH AFRICA--(Marketwire - April 29, 2010) - - Corporate America and the American people are starting to find a sense of relief after a long desert-crossing since the collapse of financial institutions which pulled the U.S. economy into an abysmal freefall for over eighteen months. After parched earnings seasons in late 2008 and the whole of 2009, the first quarter ending of 2010 is looking like a downpour of great news for a sustained economic recovery. A fundamental change in consumer behavior this past quarter has lifted a large majority of earnings results delivered so far. Consumer spending has been on an uptrend pattern for the last five months reflecting positively on retail sales which has shown four uninterrupted months of increase.

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Two weeks back, Nike Inc. (NYSE: NKE), the world's largest sportswear group, reported its third quarter of fiscal 2010 with a 7% surge in revenue and a 104% increase in net income as compared to the same quarter in 2009. The company cited an increase in sales mainly from emerging markets to be behind its recent surge in revenue. On Tuesday, apparel maker Iconix Brand Group Inc. (NASDAQ: ICON) posted its first quarter 2010 results with a 58% increase in revenue as compared to earnings in the year-ago period. The company attributed this increase to revenue generated from licensing amongst others.

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The Consumer Confidence Index is currently at 57.9 for April, its highest level since September 2008. Even if it is showing slight improvements, the figures still has a long way to go before the economy is fully recovered.

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