Corporations Earn Record Profits In 2007

Consumers continued to spend in 2007, propelling total retail profits to an all-time high of $16.5 billion from $13.6 billion in 2006. Strong employment levels and higher disposable income helped prop up consumer demand as retail operating revenues jumped 7.5 per cent to $433.2 billion for the year. Clothing, department and other general merchandise stores fared well, as profits surged 26.3 per cent to $5.6 billion. Retailers of furniture, home furnishings and appliances pulled in profits of $1.9 billion, up from $1.1 billion in 2006. Record high levels of residential building activity contributed to the demand for household-related merchandise. ... http://money.canoe.ca/News/Economy/2008/02/21/4865083-cp.html

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