Reuters - Upscale retailer Saks Inc reported a higher quarterly profit on Tuesday as promotions helped draw shoppers during a difficult economic environment.

Reuters - Two of the largest U.S. retailers said on Tuesday that the weak U.S. economy and battered housing industry were discouraging cash-strapped consumers from making anything more than basic purchases.

AP - Saks Inc., the operator of luxury chain Saks Fifth Avenue, reported Tuesday a 66 percent increase in first-quarter earnings compared with weak year-ago results. It said increased discounting hurt profit margins as even wealthy customers were feeling squeezed, and its shares tumbled more than 6 percent in morning trading.

Reuters - Staples Inc , the No. 1 U.S. office supplies retailer, reported a higher quarterly profit on Tuesday that matched Wall Street's expectations, and stood by its outlook for the full year.

Reuters - Target Corp posted a 7.5 percent drop in quarterly profit on Tuesday, hurt by softer sales as shoppers passed over clothes and home decor purchases in favor of basics like food.

AP - With first-quarter profits down 8 percent and the economy in a funk, Target is emphasizing the "pay less" part its "Expect More, Pay Less" slogan.

AP - For U.S. retailers, the phrase "challenging environment" has become a shared refrain for one of the toughest quarters in decades. And merchants expect the climate to remain rough for the rest of the year as higher gas and food costs as well as slumping home prices weigh on shoppers.

AP - The Home Depot Inc. doesn't know if stimulus checks making their way to potential customers are enough to improve its fortunes this year, the company said Tuesday as it reported a 66 percent drop in first-quarter profit.