Gap 4th-quarter net income drops 35 percent
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Struggling apparel giant Gap Inc.  said on Thursday that fourth-quarter net profit fell 35 percent on weak sales at its two main casual clothing chains and dependence on holiday season discounts, but still topped Wall Street targets.
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The nationâs biggest food and beverage maker said net income fell to $585 million in the fourth quarter on higher dairy prices and one-time costs.
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U.S. apparel chains, which are already  suffering from slow back-to-school spending, on Wednesday saw  their shares take a hit from a rating downgrade of industry  leader Gap Inc. GPS.N
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Gap Inc. GPS.N, the largest U.S.  specialty apparel retailer, on Thursday reported a slight  decline in quarterly profit, meeting lowered forecasts, after  summer clearance sales drew surprisingly small crowds.
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The loss, which came to $3.41 a share, was in contrast to a profit of $45.4 million, or 97 cents a share, in the quarter a year earlier.
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MORGAN Stanley, the American investment bank, has seen its quarterly profits slide 34 per cent amid reduced trading revenues. The latest figure fell well short of Wall Streetâs already-lowered expectations after a summer of sluggish market activity.
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Gap Inc. (GPS.N), the largest U.S. specialty apparel retailer, on Thursday reported a slight decline in quarterly profit, meeting lowered forecasts, after summer clearance sales drew surprisingly small crowds.
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The countryâs largest newspaper publisher said Friday that its fourth-quarter profit dropped because of a decline in broadcasting revenue and weak newspaper ad sales.
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Magna International, the Canadian auto parts maker, said that fourth-quarter profit fell 65 percent because of lower profit margins and one-time charges. It cut its quarterly dividend to increase cash on hand. Net income was $29 million, or 26 cents a share, down from $83 million, or 75 cents a share, a year earlier, Magna said. Sales rose 8.7 percent, to $6.4 billion. The company, cut its quarterly divided in half, to 19 cents a share, adding $84 million in cash to the $1.9 billion the company had on hand at the end of 2006. Excluding one-time items, Magna earned 99 cents a share, missing the $1.16 a share that was expected by Wall Street analysts.
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Gap says profit was lower for the past three months of the year, hurt by the costs of closing its Forth & Towne arm.
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Safeway Inc. said third quarter net income fell to 35 cents a share from 45 cents a year ago due to the continued impact of the Southern California strike that was settled in the first quarter of this year.
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U.S. Steel Corp  posted a 35 percent decline in third-quarter profit on Tuesday, worse than Wall Street had expected, and forecast weak fourth-quarter earnings, sending the steelmaker's shares down 6 percent.
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Google Inc.'s earnings and revenue growth decelerated more than analysts anticipated during the fourth quarter, magnifying worries that the Internet search leader's moneymaking machine is bogging down as the U.S. economy teeters on the brink of recession.
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Weak home and hardware sales drive lower fourth-quarter profits.
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Net income for the third quarter was $265 million on continued sluggishness in U.S. sales. But the earnings decline still beat Wall Street projections.
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Wells Fargo & Co  on Wednesday said its fourth-quarter profit fell 38 percent, the first decline in more than six years, hurt by rising losses from home equity loans.
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Gap Inc.'s first-quarter profit dropped 26 percent as a new management team scrambled to regain the clothing retailer's fashion sense.