• Retailers’ Profits Rise, Office Attendance Ticks Up

    Retailers’ Profits Rise

    Despite high-profile struggles of some major chain stores to maintain profit margins against rising costs, the retail world in general saw after-tax profits rise in the second quarter compared with the prior period. Profits were nevertheless down sharply from the year-earlier quarter.

    Figures released Wednesday showed profits for U.S. retail corporations with assets of $50 million and over totaled $43.5 billion in the second quarter, up $8.9 billion from the first quarter. That was a decline of $27.3 billion from $70.7 billion posted in 2021’s second quarter.

    Seasonally adjusted total sales topped $1 trillion for the second quarter, beating the first quarter tally by $20.6 billion and besting the second quarter of 2021 by $64.2 billion.

    Also Wednesday, the Commerce Department said second quarter after-tax profits for manufacturing companies totaled $275.5 billion, up $9.2 billion from the first quarter and topping 2021’s second quarter by $35.2 billion

    Office Attendance Ticks Up

    Office attendance rose eight-tenths of a percent from the prior week for the period ended Aug. 31, reaching 43.8% and continuing to hover just below the peak 44% of pre-pandemic attendance as tracked by security technology firm Kastle Systems.

    Kastle’s “Back to Work Barometer” gauges office use as an average of 10 large cities, using anonymous keycard data from clients’ properties. Most major cities have yet to reach 50% of pre-pandemic office usage as many people continue to work from home for at least part of the week.

    In the latest tracking, Austin, Texas, returned to its usual top spot for attendance at 60.4%, after being edged out by Houston in the prior week. Houston returned to No. 2 this week at 55.5%, followed by Dallas at 52.5%.

    Source: www.CoStar.com