Stores are expected to post an 18.8 percent decline in fourth-quarter profits, marking the seventh consecutive period of profit declines, according to Ken Perkins, president of research company RetailMetrics LLC. He expects profits to keep tumbling into the first quarter, with predictions so far of a 10.4 percent drop.
http://news.yahoo.com/s/ap/20081224/ap_on_bi_ge/last_minute_shopping_6
That is 30%.
I work retail and from where I am standing...seems about right. :-(
I also read posted here yesterday that a letter was sent to the new 0bama administration asking for some sort of bailout or salestax holiday every 3 months.