NEW YORK — The lower profits and muted outlooks this week from retailers such as J.C. Penney Co., Macy's Inc. and Nordstrom Inc. are heightening concerns among investors that shoppers' focus on necessities and buying at discounters could linger well into next year.

At least one mall-based merchant — Tween Brands Inc. — expects shoppers' fixation on low prices to remain even when the economy rebounds.

"I don't see how consumer spending turns around anytime before the second half of 2009," said Ken Perkins, president of research company RetailMetrics LLC. "Where are the new sources of funds coming from for the consumer? Clearly, the earnings reports show that we are living in a discretionary versus nondiscretionary world."

The divide, seen this week as discounter Wal-Mart Stores Inc. posted higher earnings and raised its outlook, will likely be on display again next week as luxury retailer Saks Inc. and Gap Inc. are expected to announce sluggish results. Even Target Corp., which is set to report second-quarter results Tuesday, has stumbled in recent months as its stores have a heavy emphasis on clothing and home furnishings.

Myron "Mike" Ullman, Penney's chairman and chief executive, told investors after the company reported a 36 percent drop in second-quarter profits and lowered its outlook that he expects "the environment to remain difficult" into next year.

"We know our customers are struggling," said Ullman, who believes that back-to-school sales will be weaker and also occur later this year than they did a year ago.

While oil prices have declined in recent weeks, gas at the pump still remain high. And shoppers are contending with higher prices on daily basics such as food that are not keeping up with their wages. The deteriorating economy overseas, which has been dragged down by U.S. economic woes, could also further derail the job market here, Perkins said.

But even low-price operators like Wal-Mart have their own challenges. The company raised its full-year earnings forecast after second-quarter profit rose more than expected, helped by tight inventory controls and a renewed focus on low prices that is attracting financially squeezed shoppers around the world. But the company said sales at established U.S. stores during the current quarter would grow just 1 percent to 2 percent, a sharp decline from the second-quarter's 4.5 percent increase as the benefits of the federal stimulus checks dry up. Same-store sales are considered a key indicator of a retailer's health.

The good news for retailers is that while they can't control the economy, they can monitor their expenses, particularly by reducing inventory. Such moves helped Penney and others to reduce markdowns on the selling floor, resulting in better-than-expected profits.

But retailers can only slash so long. At some point, they need shoppers to splurge on items such as fashions. And the latest reports showed consumers' growing appetite for cheaper apparel.

Nordstrom said that conditions at its mainstay department store business remain difficult, while its discount stores called Nordstrom Rack have maintained strong sales growth. Nordstrom's same-store sales fell 9 percent in the second quarter, while Nordstrom Rack enjoyed a 6.3 percent gain.