February 14, 2009 |
Abercrombie & Fitch Co., which resisted the steep discounts its competitors offered during the holiday season, reported that profit in the fourth quarter slid 68% as sales dived. Chief Executive Mike Jeffries repeated that Abercrombie would not offer deals at the same level as its competitors. For the quarter ended Jan. 31, the New Albany, Ohio, retailer earned $68.4 million, or 78 cents a share, down from $216.8 million, or $2.40, a year earlier. Excluding impairment charges and a tax expense, net income was $1.10 a share, beating analyst expectations by a dime.
February 12, 2009 |
Limiting price increases hurt earnings at supermarket company Stater Bros. Holdings Inc. The San Bernardino grocery company, the largest independent supermarket chain in Southern California, said earnings fell 68% to $3.5 million in its first quarter ended Dec. 28. Sales rose 2% to $959 million compared with the same period a year earlier. Same-store sales, an important measure of a retailer's health, rose 1.4%. "Our plan is to assist our customers during these very tough economic times," said Jack Brown, chief executive of the 165-store chain, "and the plan is working."
February 6, 2009 |
Rising Whopper sales failed to translate into bottom-line dollars for Burger King Holdings Corp. in the fiscal second quarter, the fast-food chain said. The nation's No. 2 hamburger chain reported that profit fell and missed Wall Street analysts' expectations by 4 cents a share owing to the effect of a stronger dollar. The Miami company also cut its full-year profit guidance, saying that as long as the dollar remained strong against other currencies, that would hurt Burger King's profit and cut into the benefit that fast-food companies are seeing from consumers seeking value during the recession.
January 27, 2009 |
McDonald's Corp. proved that its burgers and fries can still tempt thrifty consumers around the world despite a deepening recession that has chomped on the profits and sales of its pricier sit-down competitors. As most restaurant companies prepare for what will probably be a dismal fourth-quarter earnings season, the nation's No. 1 hamburger chain reported strong same-store sales in its fourth quarter, helping boost the company's profit past Wall Street estimates. "While we clearly prefer a more robust environment, today's market conditions play to our strengths," Chief Executive Jim Skinner said.
December 9, 2008 |
Consumers hungry for cheap meals boosted worldwide sales at McDonald's Corp.'s established locations by 7.7% in November, more proof of how the fast-food leader is thriving in a downturn that has eaten into sales at its competitors. Even recession-weary consumers in the U.S. were enticed by the Golden Arches during the month. U.S. same-store sales -- or sales at locations open at least a year -- increased 4.5% from the same month a year earlier, the company said. The Oak Brook, Ill.-based chain said the increase came from strong sales of breakfast items, chicken sandwiches and the chain's value menu options.
November 21, 2008 |
Apparel chain Gap Inc. reported that its fiscal third-quarter profit rose 3.4% as cost-cutting efforts like inventory control offset a sales slump. The company also affirmed its profit guidance for the full year. The San Francisco company said after the markets closed that it earned $246 million, or 35 cents a share, in the three months ended Nov. 1. That compares with $238 million, or 30 cents, a year earlier. Sales fell 7.6% to $3.56 billion. Analysts surveyed by Thomson Reuters had expected earnings of 34 cents a share on revenue of $3.57 billion.
November 14, 2008 |
Upscale department store chain Nordstrom Inc. said its third-quarter profit fell 57% as same-store sales flagged, and the company slashed its full-year outlook. For the three months that ended Nov. 1, Nordstrom earned $71 million, or 33 cents a share, compared with a profit of $166 million, or 68 cents, a year earlier. Sales fell 8% to $1.81 billion. The company said the quarter included two one-time items that boosted earnings by 3 cents a share, while the year-ago quarter's results saw a gain of $20.9 million, or 9 cents a share.
September 17, 2008 |
Best Buy Co. said Tuesday that its second-quarter profit slid 19% as it spent money to boost cellphone sales by completing the rollout of its Best Buy Mobile concept to nearly 1,000 North American stores. Revenue rose, however, as consumers bought more flat-panel TVs, laptops and cellphones, ahead of forecasts. The nation's largest consumer electronics retailer earned $202 million, or 48 cents a share, for the three months ended Aug. 30. That's down from $250 million, or 55 cents, a year earlier.
August 29, 2008 |
Beleaguered retailer Sears Holdings Corp. reported a hefty drop in fiscal second-quarter profit as sales slumped, despite a restructuring aimed at drawing back shoppers who've taken their checkbooks elsewhere. The company led by financier Edward Lampert also delivered a downbeat outlook, predicting that sales and gross profit margins will face continued pressure from the sluggish economy. Hoffman Estates, Ill.-based Sears said it earned $65 million, or 50 cents a share, in the quarter that ended Aug. 2, down 62% from a profit of $173 million, or $1.15, a year earlier.