Hershey Lowers Profit Forecast, Blaming a Recall
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The Hershey Company lowered its profit forecast for 2006 Wednesday because of a recall of Canadian candy last month and lower-than-expected sales.
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The soft drink maker said its fourth-quarter profit fell 31 percent from results a year ago that included a tax benefit from a settlement with the Internal Revenue Service.
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Two weeks after Hersheyâs chairman and chief executive said he would leave, the struggling company cut its 2007 forecast, the third such setback this year.
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Hershey said it will close more than a third of its assembly lines and eliminate 12 percent of its work force after sales fell for the first time in 3 Â½ years.
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Apparel retailer Charming Shoppes Inc.  cut its profit forecast on Monday, citing lower sales and an increase in markdowns spring merchandise.
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Apparel retailer Charming Shoppes Inc.   cut its profit forecast on Monday, citing lower sales  and an increase in markdowns spring merchandise.
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Cott Corp., a maker of store-brand soft drinks, lowered its 2004 profit outlook Monday because of increasing raw material costs, and predicted 2005 results that fall short of Wall Street estimates.
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Merck & Co. MRK.N on Thursday said  its quarterly profit fell 28 percent due to last month's recall  of its Vioxx arthritis drug, and the company predicted 2004  earnings will fall as much as 11 percent because of the recall.
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Food company General Mills Inc.   on Thursday posted sharply lower quarterly profit,  pressured by higher costs, increased marketing spending and  restructuring charges.
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Krispy Kreme Doughnuts Inc. (KKD.N) on Thursday said its quarterly profit tumbled by more than half and slashed its sales growth outlook for the rest of the year, wiping 17 percent off the value of its stock.
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PepsiAmericas Inc. PAS.N on Monday   cut its earnings outlook for the full year 2006 due to   lower-than-expected net pricing and a higher cost of goods sold   in its U.S. business.
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The company has signalled profits of between Â£285 million and Â£295 million, down on Â£311 million a year ago, following a poor run of sales.
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Best Buy Co., the nation's largest consumer electronics retailer, lowered its 2008 profit estimate yesterday. It blamed a softening economy that's steering shoppers away from high-margin items such as flat-screen TVs.
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Dean Foods Co  reported lower-than-expected fourth-quarter profit and said it was uncertain about raw milk costs in 2008, sending its shares down as much as 8.5 percent.
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Krispy Kreme Doughnuts Inc. KKD.N on  Thursday reported a sharp drop in quarterly profit and signaled  that business may not recover any time soon, sending its shares  down more than 17 percent in pre-market trading.
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Krispy Kreme Doughnuts Inc. KKD.N on  Tuesday said it would restate its fiscal 2004 financial reports  due to accounting errors, which could reduce earnings more than  the company had previously forecast, sending its stock down  more than 16 percent.
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Black & Decker slashed its fourth-quarter profit outlook on Friday, citing worse-than-expected conditions in North America and a one-time charge.