One trend that he noted in the latest estimates is that seven of the ten sectors in the index are projected to report higher revenue growth than earnings growth for the quarter. This is usually attributed to high commodity costs, but due to a fall in prices Butters sees other factors as being responsible such as marketing and labor costs.“One example of that would be Nike , where they had 14 percent growth in revenues but a 6 percent decline in earnings. Again, they cited increased SG&A (Selling, General and AdministrativeExpenses) costs” He said. “So companies are certainly seeing some increased costs coming into the second quarter.”

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