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The world’s leading telecom company, Ericsson, said Thursday its sales were down 6% to 46.4 billion Swedish crowns (US$6.74B) in the Q-3 Y 2009. Operating income excluding joint ventures and restructuring charges amounted to 5.5 billion Swedish crowns (US$799M), down 3% from a year earlier, Ericsson said in its report. “Sequential sales decreased 11%, negatively impacted by currency exchange rate effects, seasonality and a reduced scope of the renewed managed services agreement in Italy. The lower year-over-year sales in Networks and Multimedia were partly offset by stronger sales in Professional Services,” said the report. Sales of network equipment declined due to lower demand in the current tougher market environment. Despite lower volumes, Network margins remain stable. The strong development in Professional Services continued,” said Carl-Henric Svanberg, president and CEO of Ericsson. Read more

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Leading US retailers on Thursday reported their first monthly sales gain since the financial crisis of September 2008, although most reported lower sales than last year as shoppers remained focused on bargain hunting. The 1.1 % rise in Retail Metrics’ September comparable sales index emerged as the Department of Labor reported that the number of workers claiming jobless benefits fell last week to the lowest level this year. The monthly sales figures were supported by a later Labor Day weekend, which saw some back-to-school sales shift into September from August. Read more

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The recession has turned American teenage shoppers, one of the US’s most powerful spending groups, into penny pinchers, hurting higher-priced teen shops, while other stores that feature “non labels”, sales and deep discounts are benefiting from this change. According to the New York Times: “This spring, spending by teenagers, a closely studied but rarely understood segment of the population, is off by 14%, a direct reflection of the economy, according to a report this month by the investment bank Piper Jaffray.” The evidence is more than statistical, “‘Labels are becoming less and less of a priority for people throughout my school,’ said Chelsea Orcutt, a high school senior.

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