In Brief

0 Comments | Oakland Tribune, Aug 1, 2007

Whole Foods earnings

Whole Foods Market Inc. said Tuesday that its profit slipped in the most recent quarter despite higher sales, as the natural and organic retailer doubled spending on new stores. The Austin, Texas- based grocer, which is also fighting this week to save its takeover of rival Wild Oats Markets Inc., said it earned $49.1 million, or 35 cents per share, compared to $53.9 million, or 37 cents per share, a year earlier. Revenue rose 13 percent to $1.51 billion from $1.34 billion a year earlier, but that was less than the $1.54 billion that analysts expected. Shares of Whole Foods rose 26 cents, to $37.04 in trading before the results were released. The shares jumped $3.17 or 8.6 percent in extended trading.

Waste Management

Waste Management Inc., the nation's largest garbage hauler, said second-quarter profit fell 20 percent from a year ago, when a tax- audit settlement lifted results, but earnings topped Wall Street forecasts and the company raised its full-year guidance. Waste Management shares rose 54 cents, or 1.4 percent, to $38.03 Tuesday. The shares have traded in a range of $32.56 to $41.19 in the past year. The company said Tuesday its net income for the April-June period was $338 million, or 64 cents a share, versus profit of $417 million, or 76 cents a share, in the year-ago period. Revenue in the most-recent quarter was off slightly to $3.36 billion from $3.41 billion a year ago.

IAC shares fall

IAC/InterActiveCorp, the Internet and media company assembled by billionaire Barry Diller and parent company of Oakland-based Ask.com, said profit increased less than analysts anticipated on lower U.S. ticket sales and falling revenue at its HSN home- shopping unit. The shares fell the most in almost three months. Second-quarter net income rose 78 percent to $96 million, or 32 cents a share, from $53.8 million, or 17 cents, a year earlier, IAC said Tuesday. Revenue at the Ask.com media and advertising division climbed 33 percent as the company made more from its syndicated search operations. Higher marketing costs to promote the introduction of its revamped Ask.com search engine led to an operating loss of $10.7 million.

GM profits

General Motors Corp. ran its string of profitable quarters to three on Tuesday when it announced second-quarter net income of $891 million that came largely from overseas operations. The earnings growth in Europe, Latin America, Asia and other areas eclipsed lingering problems in North America. Although GM showed vast improvement in its backyard, it still posted a net loss of $39 million there.

Compiled from Associated Press and Bloomberg News Service reports.