TheStreet.com media critic Marek Fuchs writes Wednesday that recent coverage of Borders and Barnes & Noble’s earnings accepted their explanation of the slowing economy hurting sales without examining other issues.
“What else is there to say about what the business media did not say? Only that, with few exceptions, when a company blames the economy, the reality is more complex. And here, with a company that has, with the exception of the Christmas period, lost money in every quarter for two years running — well, call me crazy, but I think I smell a factor or two beyond the economy.
“As a side note, once again we saw a retailer earn positive headlines for surpassing Wall Street expectations through cost cuts that involved inventory reduction. Here is Reuters: ‘Borders 2nd-qtr loss narrows, stock jumps 14 percent.'”
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