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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
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
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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