Sainsbury&#39;s profits to fall again
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Ailing British supermarket group Sainsburyâs showed a further deterioration in its performance today after its third profits warning this year.
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Discount retailer Fred&#39;s Inc. (FRED.O: Quote, Profile, Research) on Thursday said second-quarter profit fell, hit by increased markdowns, higher diesel fuel costs and other factors, sending its shares down almost 19 percent.
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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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Anheuser-Busch Cos. Inc.  said on Tuesday it expects its international beer operations to post lower profit this year, hurt by a U.K. shift in sales from bars and restaurants to less profitable sales through retailers.
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British supermarket group J. Sainsbury expects its first half pretax profits to come in a Â£125 million to Â£135 million range ($223-$241.
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Business & money: Leading stores forecast shortfall in year's profits after shoppers cut back on festive spending
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Colgate-Palmolive Co. and Unilever NV warned of profit shortfalls Monday, leading an overall decline for stocks in consumer goods makers, who face tougher competition and increased
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AILING supermarkets group Sainsbury&#39;s is slashing its dividend, axing 750 head office jobs and pouring 3,000 new staff on to the shop floor in a last-ditch attempt to revive its fortunes.
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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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First-half profit at J Sainsbury has tumbled almost two thirds as Chief Executive Justin King battles to regain market share and restore financial health to the country&#39;s third-largest foodseller.
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Shares in Unilever fall after the Anglo-Dutch consumer goods giant issued a surprise profits warning.
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Grudgingly, J Sainsbury yesterday admitted to what everyone in the stock market has known for weeks - that half-year profits are going to be even worse than the forecasts made when the company last gave guidance on the numbers in July.
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Compass Group saw its share price slump by almost 25 percent after the British catering group warned future annual profits would be reduced by 30 million pounds (43.9 million euros, 53.5 million dollars).
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The two food giants said Wednesday that soaring commodity prices would hurt the companiesâ profits this year.
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Sainsbury's shares fall as much as 8% on concern it may unveil weak Christmas trading figures later this week.
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Unilever, the world&#39;s largest maker of food and soap, cut its full-year earnings forecast after sales of ice cream and cold drinks slumped in Europe and demand for beauty and laundry products slowed.
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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.