Many big companies, facing higher raw material costs, say they cannot hold off any longer and must raise prices.
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Prices rose significantly in the apparel sector from 1972 to 1974, driven by labor costs and commodity prices, he said.
“The retailers went on to have a pretty good year in ’73,” Mr. Morris said. “Sales were up, gross margins were flat, and profit margins were up a little bit. Retailers found a way.”