A record number of U.S. companies beat earnings expectations in the third quarter, but a big portion of their profits came from cost-cutting, disappointing investors who were hoping for boosts in revenue. According to Goldman Sachs, 32% of the companies in the S&P 500, excluding financials and utilities, beat revenue estimates by a significant margin in the third quarter, below the long-term average of 40%.

Bags disappeared moments after appearing on store shelves, and years-long waiting lists popped up for handbags that generally list for thousands of euros. Since the downturn, it has been easier to find some Birkins and Kellys at stores, but waiting lists remain for particular colors or skins.

Beth Dincuff Charleston, a professor and fashion historian at Parsons, the New School for Design in New York, likens the harem's return to the unlikely resurgence of other odd fashion trends, such as the feathered mullet hairdo, thick nerd glasses and trucker hats. Vogue's fashion editor Virginia Smith thought the styles were more suited to the runway than reality when she first saw them at some designers' spring 2008 fashion shows.

The pressure of rising unemployment and shoppers' fiscal restraint was a theme echoed by Wal-Mart Chief Executive Michael Duke, who said in a statement: "The economy remains challenging for customers and Wal-Mart sales, but we are encouraged by increased traffic and our market share gains."

The Cincinnati-based retailer, the first of several big department-store chains to report earnings this week, posted a third-quarter loss of $35 million on a 3.9% sales drop.