Retail Profit Growth Lowest Since 2009 Portends Weak Second Half

Retailers’ slowest earnings growth since the last recession has them bracing for a weakened second half as the U.S. economy leaves consumers confronting the prospect of losing their jobs and a volatile stock market.

Second-quarter earnings per share for 43 retailers in the Standard & Poor’s 500 Index gained an average of 11 percent, the smallest increase in eight quarters, according to data compiled by Bloomberg. Profits rallied 71 percent on average in last year’s second quarter and declined 2.2 percent in the three months through June 2009, when an 18-month recession ended.