Sainsbury profit drops two-thirds
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J Sainsbury, the third-largest supermarket chain in Britain, said Monday that first-half profit fell by about 66 percent as the company lost business to companies including Tesco and Wal-Mart Stores&#39; ASDA.
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Warehouse retailer Costco Wholesale Corp. said Thursday its second-quarter profit declined 16 percent as costs grew faster than revenue.
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After a dismal second-quarter showing, the retailer projects a Q3 loss.
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Barnes & Noble Inc. , the top U.S. bookseller, on Monday said quarterly profit fell due to higher expenses and weaker demand for bestseller titles, sending its stock down more than 2 percent.
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London equities fell on Wednesday after Marks & Spencer reported its worst quarterly sales performance for two and a half years.
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Sainsbury says it will take a 550 million pound hit to profits this year as it invests to boost sales and reverse falling market share.
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J Sainsbury bowed to pressure from the City watchdog yesterday and admitted that interim profits were likely to plunge - the third time it has issued a profits warning in the past seven months.
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Second-quarter profit dropped 16 percent, hurt in part by costs associated with revamping its consumer electronics return policy.
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Freddie Mac yesterday reported that its second-quarter profit fell by nearly half, in part because it set aside more money to cover expected losses from defaults on mortgages.
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Cadbury Schweppes, the world's biggest maker of sweets and chocolate, said on Tuesday that net profits plunged by 65 percent last year when results were skewed by the 2006 sale of its Europe Beverages unit.
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British drinks giant Diageo reported a small fall in annual headline profits before tax, which were crimped by the strength of sterling.
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Leading shares ended weaker, with the FTSE 100 index drifting back below the 4,700 level as the impact of Wall Street's early rally was tempered by a rise in Brent crude to 50 dollars a barrel for the first time, and by weakness in supermarket giant Sainsbury following yet another profit warning, dealers said.
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The aluminum maker said second-quarter profit slipped nearly 4 percent as outage costs at two smelters weighed down results.
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Kroger Co., the largest US grocer, reported a lower quarterly profit Tuesday, hurt by debt costs even as sales rebounded in Southern California where it was hit by a strike.
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Shares in Unilever fall after the Anglo-Dutch consumer goods giant issues a surprise profits warning.
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Second-quarter profit fell by two-thirds at plane and train maker Bombardier Inc. (BBDb.TO) as its regional aircraft business lagged a rebound in the business jet market, the company said on Wednesday.
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Second-quarter profit fell by  two-thirds at plane and train maker Bombardier Inc. BBDb.TO  as its regional aircraft business lagged a rebound in the  business jet market, the company said on Wednesday.