Sainsbury Profit Falls by as Much as 66%; Stock Drops
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J Sainsbury Plc, Britain&#39;s third- largest supermarket chain, said first-half profit fell by as much as 66 percent as the company lost business to Tesco Plc and Wal- Mart Stores Inc.
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Kroger Co. on Tuesday posted a 25 percent drop in quarterly profit and warned it may not reach its sales target for the year, sending shares of the top US grocer
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The clothing retailer's profits take a hit on weather woes and bigger-than-expected markdowns
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Unilever, the maker of Lipton tea and Magnum ice cream bars, said third-quarter earnings will fall and cut its annual profit forecast after sales of the company&#39;s main brands unexpectedly declined for a second quarter.
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Barnes & Noble Inc. BKS.N, the  leading U.S. bookseller, on Monday said quarterly profit fell  due to higher expenses and soft demand for titles in its  bestseller category.
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CHICAGO  â Kraft Foods, the food and beverage maker, said Wednesday that its fourth-quarter profit fell 6 percent, weighed down by record-high dairy prices.
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The retailer posted a 36 percent fall in fourth-quarter profit, hurt by costs related to an inventory write-off, and said it would open only about half the number of stores it opened in 2007.
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Sainsbury expects first-half profits to slump nearly two-thirds from last year, as it bleeds market share to rivals and reels from an exodus of top staff.
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Unilever PLC reported higher earnings for the third quarter Wednesday but said its business suffered from weak demand and poor weather, with sales of Ben & Jerry's ice cream and Lipton Tea falling.
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LONDON - J Sainsbury will take a 550 million pound ($1.5 billion) hit to profits this year as it invests to boost sales and reverse falling market share, Britain&#39;s third-biggest supermarket chain said on Tuesday.
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In a statement today supermarket chain Sainsbury said it expected first-half profits to drop nearly two-thirds compared with last year as a result of loss of market share.
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City analysts were slashing their forecasts for profits at J Sainsbury yesterday after the struggling supermarket group admitted its first-half profits would be two thirds lower than last year&#39;s.
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Shares of Albertsons fell more than 8 per cent to $23.65 after the number two US supermarket chain missed quarterly earnings expectations and warned full-year profit would be at the low end of estimates.
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Sainsburyâs showed further evidence it was suffering at the hands of price-cutting rivals today as it warned that first half profits would slump by nearly two-thirds.
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Kroger Co. on Tuesday posted a 25  percent drop in quarterly profit and warned it may miss a key  2004 sales target because of lingering woes from a Southern  California strike, sending its shares down sharply.
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Bristol-Myers Squibb Co. BMY.N on  Friday said quarterly profit fell 16 percent on special charges  and lower U.S. sales amid competition from rival brands and  cheaper generics.
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J Sainsbury Plc, Britain&#39;s third- largest supermarket chain, said first-half earnings fell by as much as 66 percent as the company lost business to competitors such as Tesco Plc.