Retailers generally have steered clear of the "r" word. So it is remarkable that Coach Inc.'s Chairman and CEO Lew Frankfort told Women's Wear Daily earlier this week that he thinks the nation is in the midst of a consumer-led recession.
The head of the New York-based luxury handbag firm said he believes the recession began in December and "is unlikely to evaporate anytime soon," the retail trade newspaper reported. "A tax stimulus package will help, but this recession needs to run its course."
Meanwhile, the "r" word means something different to Urban Outfitters Inc. CFO John Kyees.
In a speech at an investors conference in California last week, Kyees said the Philadelphia-based specialty retail chain preferred not to think in terms of a recession.
"We, instead of a recession, we would describe it as more of a resurgence," Kyees said at the Jan. 16 conference, hosted by Integrated Corporate Relations Inc. "We are really excited about business, [and] had we not been reading newspapers or getting e-mails from The Wall Street Journal, we wouldn't know there was a recession going on."