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Associated Press | Sears Holdings Corp.’s first-quarter net income fell 38 percent on
thinner profit margins at its Sears chain, squeezed by discounts on
appliances.
The discounts offset a turnaround in revenue at the retailers’ Sears
and Kmart stores, breaking a long string of declines at Sears stores.
It was Kmart’s third consecutive quarter of rising revenue at stores
open at least a year.
By Wailin Wong
| Ace Hardware Corp. posted a year-on-year decline in net profit for the first quarter, as increased operating expenses and tepid consumer spending led to a decrease in sales.
The Oak Brook-based retailer reported net income of $11.8 million for the period, down 18 percent from $14.4 million in the same quarter last year. Total revenues came to $830.7 million for the quarter, a decrease of 2.4 percent from the year-earlier period. In the U.S., the soft economy meant declines in paint, hardware and plumbing sales, the company said, although the lawn and garden category saw an uptick in activity. Overseas sales were up 36.4 percent on the year, an increase Ace attributed to strong activity in the Middle East.
(Tim Sloan/AFP/Getty Images)
Associated Press | Wal-Mart Stores Inc. reported that its
first-quarter net income rose 10 percent as the world’s largest retailer benefited from cost-cutting and robust growth in its international business. But the discounter said a key measure of revenue dropped for the fourth consecutive quarter.
Wal-Mart said Tuesday net income was $3.32 billion, or 88 cents per share for the period ended April 30. That compares with $3.02 billion, or 77 cents per share in the year-ago period.
Dow Jones Newswires | Illinois Tool Works Inc. said its revenue
jumped 19 percent in the latest three-month period ended April 30,
continuing a recent trend of rising sales as all of its segments saw
improvement from last year’s woes.
General Motors’ headquarters in Detroit. (AP Photo/Carlos Osorio, file)
Associated Press | General Motors Co. rode expense cuts from its
bankruptcy and strong sales of redesigned models to its first quarterly net income in nearly three years.
The $865 million first-quarter profit is a dramatic reversal from the huge $6 billion loss in the same period last year. The last time the company made a quarterly profit was the second quarter of 2007, when it earned $891 million.
Associated Press | Lincolnshire-based BioSante Pharmaceuticals said Friday its first-quarter loss widened
on higher development costs for its drug candidate LibiGel. The company lost $10.5 million, or 19 cents per share, compared
with a loss of $4.1 million, or 15 cents per share, during the same
period a year prior. The company did not report revenue.
BioSante said the potential drug LibiGel is in three late-stage
clinical trials. It is intended to treat sexual dysfunction in women.
LibiGel is a testosterone gel applied to the skin.
Associated Press via Canadian Business | Sandwich chain Cosi Inc. narrowed its first quarter net loss as it cut
costs, but sales fell as diners visited its restaurants less.
Get the full story: Cosi narrows first-quarter loss.
(AP Photo/Elaine Thompson, File)
Dow Jones Newswires-Wall Street Journal | In the latest sign that the luxury market is rebounding, Nordstrom raised its fiscal 2010 forecast after reporting that its first-quarter profit rose 44 percent on increased store traffic and higher sales.
Still, the company’s shares fell about 2 percent to $40.50 in after-hours trading, because profits fell short of Wall Street’s expectations. The company’s stock has more than doubled since July of 2009, when it hit a low below $19.
Associated Press | Wendy’s/Arby’s Group Inc. lost money in its first quarter as its Arby’s locations struggled to hit the right note with customers and one-time charges pressured results. After failing to gain traction with its $5 meal deals, Arby’s began testing a dollar menu last year before expanding it to its 3,700 locations in April. The menu includes a small roast beef or chicken sandwich as well as curly fries. But the Atlanta company’s first quarter ended in early April — before the chain could record much of the benefit from the heavily advertised menu.
Get the full story: Wendy’s/Arby’s first quarter earnings disappoint.
Associated Press via Bloomberg | Mall owner General Growth Properties Inc. said Wednesday that its
first-quarter net income was lower than originally reported this week,
but still increased from last year.
The company, which filed for Chapter 11 bankruptcy protection
more than a year ago, said its net income was $51.7 million, or 16 cents
per share. On Monday, the Chicago company said its net income was $78.4
million, or 25 cents a share.
Get the full story: businessweek.com.
Associated Press | Macy’s Inc. returned to profitability in the first quarter as the department store operator saw sales pick up on efforts to tailor its merchandise to local markets. However, the department store operator, which boosted its annual outlook last month, said it’s too early to further raise its guidance for the year because of economic uncertainty. Still, shares rose more than 2 percent, or 54 cents, to $24.44 in early morning trading.
Get the full story: Macy’s returns to profitability in first quarter.
Associated Press | Toyota cruised back to profit in the latest
quarter as the world’s top carmaker cut costs and hitched a ride on the
global auto sales recovery while fighting to salvage its reputation for
quality.
But the automaker’s top executive and analysts alike said Toyota is
still far from a full recovery while another potential blow to its
image looms after U.S. federal authorities launched a fresh
investigation into a steering recall.
Dow Jones Newswires-Wall Street Journal | General Growth Properties Inc. swung to a first-quarter profit after prior-year impacts from its ongoing bankruptcy proceedings. The owner of 204 malls has been operating under Chapter 11 protection for more than a year in one of the biggest real-estate bankruptcies ever. Last week, a bankruptcy judge backed a $6.5 billion recapitalization plan from a group led by Brookfield Asset Management Inc.
Get the full story: wsj.com.
By Wailin Wong
| Activist investor Carl Icahn has raised his stake in Schaumburg-based
Motorola Inc. to 8.75 percent, according to a Friday filing with the
U.S. Securities and Exchange Commission.
Icahn and his investment vehicles last disclosed their Motorola holdings
in May 2008, reporting a 7.6 percent stake.
Dow Jones Newswires | CF Industries Holdings Inc. swung to a
first-quarter loss on charges related to its recent acquisition of
rival fertilizer maker Terra as CF said revenue fell.
The company has suffered from weak demand since the economic downturn.
But CF saw demand slowly come back in the fourth quarter as stronger
buying interest returned and prices rose sequentially. The company on
Friday expressed optimism about the spring planting season, as U.S.
corn acreage planting increased.
