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 MILWAUKEE (AP) - Retailers J.C. Penney Co. and Kohl's Corp. plan to continue increasing their private-label brands and tap into the growing consumer desire for higher-priced, luxury products, while Nordstrom Inc. expects customers to spend more as it adds designer offerings.
All three retailers posted strong first-quarter profits Thursday, beating analyst expectations, and raised their annual outlook as executives said they don't expect consumer spending to slow despite slumping economic indicators.
J.C. Penney posted a 13 percent increase in profits, while Nordstrom's grew 19 percent and Kohl's rose nearly 25 percent for the three months ended May 5.
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