No Online Payday Loans for Designer Clothes

Thrifty teens don’t use online payday loans

It seems you won’t see shoppers taking out online payday loans to buy expensive clothing brands. It seems even teenagers are jumping on the economic bandwagon.

Abercrombie & Fitch reported a big drop in third-quarter profits, but the retailer was expecting it. The clothing company’s profits dropped 46 percent.

Other big names have hard times

Abercrombie also owns the Hollister brand, but brand loyalty seems to be a thing for better economic times. The same is true for Nordstrom, J.C. Penney and Kohl’s, who all reported a decline in earnings.

Meanwhile, thrift stores and discount retailers are seeing profits rise. I guess people don’t need online payday loans to buy used clothes.

Retailer stands its ground

Abercrombie has said it will not cut its prices. Because of this, stock watcher Dividend recommends that investors do not buy stock in the company. Even Starbucks has come around and started cutting customers deals, but Abercrombie says it won’t budge. I guess we’ll see.

A new era

Forbes says the economic stimulus package will do nothing to help retailers. People have started saving again, an American tradition that went out of style for a while. Analysts for months have been saying that the recession will have a permanent effect on people’s spending habits. ... click here to read the rest of the article titled "No Online Payday Loans for Designer Clothes"