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BUSINESS
May 6, 2013 | By Tiffany Hsu
American restaurants are expected to report dismal same-store sales for the first quarter, slammed by cold weather and cost-conscious consumers, but the industry hopes that Mom will come to the rescue. A forecast from Thomson Reuters shows eatery sales in a “deep freeze,” advancing a “sluggish” 1% after surging 6.3% during the same quarter in 2012. Bitter temperatures, especially in the Northeast, kept traffic minimal, according to the report. But even when diners ventured out, “they didn't want to spend much,” according to the report.
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BUSINESS
November 15, 2011
Home Depot says spending on home projects and storm-related repairs helped boost its third-quarter net income 12 percent. Home-improvement retailers are facing cautious consumer spending and a weak housing market. Atlanta-based Home Depot Inc.'s smaller rival Lowe's Cos. reported Monday its third-quarter net income fell 44 percent on restructuring costs. But Home Depot fared better. Its results beat expectations and the company raised its 2011 earnings outlook. The No. 1 U.S. home-improvement retailer says net income rose 12 percent to $934 million, or 60 cents per share.
BUSINESS
February 21, 2009 | Times Wire Reports
J.C. Penney Co. reported a 51% drop in fiscal fourth-quarter profit as customers sharply cut spending on clothing and other items. The results beat Wall Street expectations, but the chain projected a wider first-quarter loss than analysts had predicted. The retailer earned $211 million, or 95 cents a share, for the three months ended Jan. 31. That compares with $430 million, or $1.93, a year earlier. Sales declined almost 10% to $5.76 billion. Same-store sales, or sales at stores open at least a year, fell 10.8%.
BUSINESS
October 23, 2008 | times wire services
Biotech drug maker Amgen Inc. said Wednesday that its profit leaped in the third quarter, thanks to a comparison with a prior-year quarter weighed down by acquisition and restructuring charges. Because of higher sales and favorable exchange rates, the company raised its full-year earnings outlook even as it reported declining U.S. sales for its bestselling medication. Amgen earned $1.16 billion, or $1.09 a share, compared with $201 million, or 18 cents, a year earlier. Excluding one-time acquisition and restructuring costs, Amgen said it would have earned $1.23 a share, up 14% from the prior year.
BUSINESS
April 8, 2009 | TIMES WIRE REPORTS
Consumer borrowing fell in February by more than analysts expected as Americans cut back their use of credit cards by a record amount. The Federal Reserve said consumer borrowing dropped at an annual rate of $7.48 billion in February, or 3.5%, from January. Wall Street economists expected borrowing to slide $1 billion, according to a survey by Thomson Reuters. The decline was led by a record drop in borrowing on credit and charge cards, which fell at an annual rate of $7.8 billion, or 9.7%.
BUSINESS
October 23, 2008 | times wire services
A shaky financial market helped push WellPoint Inc.'s third-quarter profit down more than 5%, but company leaders said tough times could create buying opportunities for the insurer. The operator of Blue Cross and Blue Shield health plans said net income dropped to $820.7 million, or $1.60 a share, compared with $868 million, or $1.45, a year earlier. WellPoint reported a pretax write-down of $562.6 million, or 71 cents a share, from investment losses and declines. Excluding that and other one-time items, the company's adjusted earnings per share were $1.58.
BUSINESS
December 11, 2008 | from times wire services
Korn/Ferry International said its fiscal second-quarter profit fell 20% as the financial crisis and overall economic weakness damped demand for the Los Angeles staffing company's services. Net income declined to $13.6 million, or 30 cents a share, from $17.1 million, or 37 cents, a year earlier. Revenue slipped 3.4% to $199.7 million. Analysts polled by Thomson Reuters predicted earnings of 29 cents a share on revenue of $206 million. Korn/Ferry said the global economic and financial crisis hurt business, and the average fee billed per executive search decreased by 4.5%, compared with a year earlier.
BUSINESS
December 3, 2008 | Times Wire Reports
Staples Inc. said its fiscal third-quarter profit sank 43% because of hefty charges from restructuring and the acquisition of European rival Corporate Express. But excluding the charges, its results still beat Wall Street estimates, despite a decline in retail sales. For the three months ended Nov. 1, the Framingham, Mass.-based retailer said it earned $156.7 million, or 22 cents a share, down from $274.5 million, or 38 cents, a year earlier. Excluding one-time items, Staples earned 42 cents a share, a penny ahead of forecasts of analysts polled by Thomson Reuters.
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