February 21, 2009 |
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%.
October 23, 2008 |
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.
April 8, 2009 |
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%.
December 11, 2008 |
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.
December 3, 2008 |
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.
January 11, 2010 |
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.
May 8, 2009 |
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.
August 20, 2008 |
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.