[R]10:45AM New York – U.S. retailers report a decline in sales. Discount and warehouse clubs report sales gains as consumers look for bargain and trim discretionary purchases.[/R]

Wal-Mart Stores reported same store sales rise of 3% in August as more consumers look for ways to stretch their dollar. Costco reported sales gain of 9% but at Target sales declined 2.1%.

Teenage and apparel retailers reported sales decline in the month. American Eagle sales dropped 5%, Pacific Sunwear of California sales declined 6% and sales at Abercrombie & Fitch fell 11%.

Sales at luxury retailers declined. Nordstrom Inc sales dropped 7.9%, Saks Inc sales fell 5.9% and at apparel retailer Gap sales declined 8%. Children’s Place Retail Stores and TJX Companies sales nearly unchanged.

Asian Markets Review

The Nikkei 225 Index in Tokyo closed lower 131.93 or 1.04% to 12,557.66, Hang Seng index in Hong Kong decreased 195.58 or 0.95% closed to 20,389.48.ASX 200 index in Australia decreased 80.50 or 1.59% to close 4,979.50. The KL Composite index in Malaysia decreased 0.32 or 0.03% closed to 1,085.06.

The Kospi Index in South Korea decreased 0.46 or 0.03% to close at 1,426.43, SET index in Thailand closed higher 4.92 or 0.76% to 654.85 and JSE Index in Indonesia decreased 40.77 or 1.93% to 2,075.23. The Sensex index in India decreased 150.76 or 1.00% closed to 14,899.10.

Europe Markets Review

In London FTSE 100 Index traded higher 36.10 or 0.66% to 5,535.80, in Paris CAC 40 Index decreased 20.98 or 0.47% to 4,426.15 and in Frankfurt DAX index traded lower 67.98 or 1.05% to 6,399.51. In Zurich trading SMI decreased 33.36 or 0.46% to 7,223.27.

Earnings Review

Ciena Corporation, telecommunications and network equipment maker reported third quarter revenues increased 5% to $253.2 million from $205 million a year ago. Net income in the quarter fell 59% to $11.7 million or 12 cents per diluted share compared to net income of $28.3 million or 29 cents per share, a year ago.

Ciena Corporation (CIEN: chart) in the last one year traded as high as $49.55 in October 2007 and as low as $16.34 in August 2008. Based on the yesterday’s closing price the company has a market cap of $1.57 billion.

H&R Block, Inc, the nation''s largest tax preparer said first quarter revenues fell 12.24% to $339.6 million from $381.2 million a year ago. Net loss in the quarter was $132.7 million or 41 cents per diluted share compared to net loss of $302.6 million or 93 cents per share, a year ago.

H&R Block, Inc (HRB: chart) in the last one year traded as high as $26.66 in September 2008 and as low as $16.89 in January 2008. Based on the yesterday’s closing price the company has a market cap of $8.72 billion.

Jackson Hewitt Tax Service Inc, provides computerized preparation of federal, state and local individual income tax returns through a network of franchised reported first quarter revenues fell 37.20% to $4.3 million from $5.9 million a year ago. Net loss in the quarter was $20.5 million or 72 cents per diluted share compared to net loss of $19.6 million or 65 cents per share, a year ago.

Jackson Hewitt Tax Service Inc (JTX: chart) in the last one year traded as high as $34.48 in November 2007 and as low as $10.90 in March 2008. Based on the yesterday’s closing price the company has a market cap of $488.37 million.

Jos. A. Bank Clothiers, Inc, men''s clothing retailer reported second quarter revenues grew 13.7% to $152.7 million from $134.3 million a year ago. Net income in the quarter grew 8% to $8.9 million or 48 cents per diluted share compared to net income of $8.2 million or 44 cents per share, a year ago.

Comparable-store sales grew 6.8% in the quarter.

Jos. A. Bank Clothiers, Inc (JOSB: chart) in the last one year traded as high as $37.79 in September 2007 and as low as $18.81 in March 2008. Based on the yesterday’s closing price the company has a market cap of $521.71 million.

Provident Financial plc, engaged in the credit card business said first-half revenues rose 11% to £370.1 million from £329.8 million a year earlier. Net profit in the quarter fell 185% to £36.7 million or 28.1 pence per diluted share compared to net profit of £104.7 million or 40.6 pence per share, a year earlier.