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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%.
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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
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.
BUSINESS
January 11, 2010 | By Walter Hamilton
The stock market has begun the new year with a good start -- and investors are looking to corporate profit reports that will start coming out today to give the nascent rally some legs. The fourth-quarter results are expected to be solid, if not spectacular. Average earnings of blue-chip companies (excluding financial firms) are projected to rise 8% over the year-earlier period, according to researcher Thomson Reuters. The average increase for companies in the Standard & Poor's 500 would be far higher -- 184% -- with banks and other financial firms in the mix, reflecting how badly that sector was faring during the 2008 financial crisis.
BUSINESS
May 8, 2009 | Times Wire Reports
DirecTV Group Inc., the nation's largest satellite TV provider, said first-quarter earnings fell 46% even as subscriber growth hit a four-year high. The recession was largely to blame: The company increased promotions and customers pared their spending for premium channels and pay-per-view. The El Segundo company earned $201 million, or 20 cents a share, down from $371 million, or 32 cents, a year earlier. Revenue climbed 7% to $4.9 billion. Analysts expected profit of 33 cents a share on revenue of $4.96 billion, according to a Thomson Reuters poll.
BUSINESS
August 20, 2008 | From Times Wire Services
Luxury goods retailer Saks Inc. reported a wider-than-expected loss for the second quarter and delivered a downbeat forecast for the year as its affluent customers cut back on apparel amid a slowing economy. Shares of the operator of Saks Fifth Avenue stores tumbled 93 cents, or 8.3%, to $10.29 a share. The New York-based retailer said it lost $31.7 million, or 23 cents a share, for the three months ended Aug. 2. That compares with a net loss of $24.6 million, or 17 cents, a year earlier.
BUSINESS
October 23, 2008 | times wire services
A jump in global sales boosted McDonald's Corp.'s third-quarter profit by 11%, a bright spot among restaurant companies as strapped consumers balk at spending their cash on dining out. The nation's No. 1 hamburger chain cited the popularity of its sandwiches and drinks but reiterated that it was discussing changes to its Dollar Menu because of the high cost of ingredients. Consumers have cut back on spending and focused on necessities. Given the desire to save cash, fast-food sales have held up far better than those at pricier sit-down restaurants.
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