US corporate results round-up

Abercrombie hit by fall in profit but sales slowdown stabilizes
TEEN clothing retailer Abercrombie & Fitch earned $15.5m, or 19 cents per share, in the second quarter ended 28 July, down from $32m, or 35 cents per share, a year ago. Overall sales rose four per cent to $951.4m. Sales at stores open a year fell 11 per cent at Abercrombie & Fitch and 10 per cent at both Abercrombie kids and Hollister.

Staples forced to cut forecasts as quarterly results disappoint
STAPLES reported lower-than-expected quarterly results yesterday prompting the largest US office supply chain to cut its profit forecasts for the year. Staples’ net income fell to $120.4m, or 18 cents a share in the second quarter, from $176.4m, or 25 cents a share, a year ago. Sales fell 5.5 per cent to $5.50bn in the quarter to 28 July.

Deere sees net income jump but increase is lower-than-expected
DEERE & Co, the world’s largest agricultural equipment maker, reported lower-than-expected profit yesterday. For the third quarter ended 31 July, the company posted net income of $788m, or $1.98 per share, compared with $712.3m, or $1.69 per share, a year earlier. Revenue rose 15 per cent to $9.59bn.

Target bullish for third quarter as it trumps analyst forecasts
US discount chain Target’s profit was unchanged at $704m in the second quarter, while earnings per share rose to $1.06 from $1.03 a year earlier. The profit topped analysts’ average forecast of $1.01 per share. For the year, Target now expects to earn $4.20 to $4.40 per share, up from its May forecast of $4.10 to $4.30.