Budgets/Spending/Market Size

WASHINGTON - The U.S. Commerce Department reported today that consumer spending dropped by 1.8 percent in September, following a modest 0.3 percent gain in August. This is the largest drop in more than 14 years, The Associated Press reported.

WASHINGTON, DC - The supermarket industry posted its highest net profits in nearly three decades at 1.25 percent of sales, according to the Food Marketing Institute's 2000-2001 Annual Financial Review. Operating income, at 3.03 percent, was near the 10-year high of 3.05 percent.

NEW YORK - CVS Corp. today said it plans to cut staff and close about 200 of its drugstores in the first quarter. The news came with its report of a 16 percent drop in third-quarter earnings.

Retailers are continuing to spend money on store design even in these uncertain economic times, according to the results of the 12th Annual Store Fixture survey conducted by Display & Design Ideas (DDI) Magazine with cooperation from the National Association of Store Fixture Manufacturers (NASFM).

Britain's Safeway Plc reported strong second quarter sales on Thursday with like-for-like sales rising 5.4 percent, keeping the country's fourth biggest food retailer in the running among its top competitors.

Business Wire ACNielsen U.S. today announced its first delivery to clients of sales information and insights from its new Wal-Mart Channel Service.

Safeway Inc. will hold a conference for analysts and institutional investors today to review its performance in the last year and its prospects for continued growth. The company is targeting five-year annual earnings per share growth of 13% - 15%.

Agriculture Secretary Ann M. Veneman today announced that President Bush has proposed the allocation of $45.2 million to USDA as part of a $20 billion submission to Congress for emergency funding to strengthen essential programs and services related to biosecurity issues.