Financial results for the first fiscal quarter of 2016 were released by Best Buy, one of the largest consumer electronics retailers in the world.
Best Buy's domestic segment revenues in the first quarter rose 1.4% year-over-years to $7.89 billion. This indicated good growth rate for the retail industry that has regularly witnessing fall in revenues and negative comps in the past few years.
On an enterprise basis, Best Buy's comparable sales were up 0.6%, which was much better than last year's comparable store sales growth rate of (1.8) %. Online revenues were up 5.3% compared against 29.2% in the year ago quarter.
BMW announced that its first-quarter operating profit rose by a forecast-beating 20.6%. The profits of the German car maker was supported by strong demand for large offroaders in Europe and the United States.
Earnings before interest and tax (EBIT) came in at 2.52 billion euros ($2.83 billion), above the 2.191 billion euros forecast in a Reuters poll.
The Munich-based company said on Wednesday that its automotive EBIT margin was 9.5% in the quarter, remaining at the same level to the year-earlier quarter and at the upper end of its target range of between 8% and 10%.
On the other hand, the quarterly return on sales from ongoing business at rival Mercedes-Benz Cars jumped to 9.2% from 7% a year ago. Audi's operating margin slipped to 9.7 % from 10.1 %.
Japan's third-largest automaker Honda, reported a drop in its net profit for the fiscal fourth quarter.
According to Honda, recall costs and a decline in auto sales in Japan dragged profits down. Quality problems delayed vehicle development and hampered sales.
The air bag recalls led to 43% drop in profit. The net profit shrank to 97.8 billion yen ($897 million), versus a year-ago profit of 170.5 billion yen.
The air bags were manufactured by Takata Corp. of Japan, which supplied air bags for a wide range of Honda models. In the defect, the air bag inflators can explode with too much force. The problem proved fatal to six people worldwide.
On Tuesday, German auto group Daimler AG said that it took a good start in 2015 as the company’s sales and profits surged strongly in the first three months.
The maker of Mercedes-Benz said that its net profit during the period from January to March rose to 2.05 billion euros ($2.23 billion) from 1.086 billion in the same quarter a year ago. Operating profit grew 63% to 2.906 billion euros on a 16% increase in revenues to 34.236 billion euros.
The overall revenue of the company rose to 16% percent during the quarter to 34.2 billion euros. The improvement in sales has been noticed after the company invested in renewing its model line, including a new C-Class sedan. It also expanded range of smaller vehicles.
The Container Store Group announced financial results for the fourth quarter and fiscal year 2014 that ended on February 28, 2015.
For the fourth quarter of fiscal 2014, the company’s adjusted net income was $11.8 million or $0.24 per adjusted diluted common share in comparison to $10.7 million or $0.22 per adjusted diluted common share for the fourth quarter of fiscal 2013.
For the full fiscal year 2014, the adjusted net income was $16.5 million or $0.34 per adjusted diluted common share as compared to $16.4 million or $0.33 per adjusted diluted common share in fiscal 2013
Consumer electronics company ROYAL Philips NV has reported that its net profit declined by 27% to 100 million euros in the first quarter of 2015. According to the company, the net profit has slumped as higher restructuring costs wiped out gains from higher sales.
Philips, which is the biggest lighting maker in the world, stated that sales of the company rose 14% to about 5.34 billion euros. Strong growth from the company’s ‘Consumer Lifestyle’ has helped the company to see rise in the sales. The ‘Consumer Lifestyle’ division of Philips includes kitchen appliances, dental hygiene and hair removal tools. The company has reported fall in its healthcare and lighting divisions.
On Thursday, Novartis, a Swiss-based pharmaceutical company, reported an enormous jump in first-quarter net profit.
The company's net profit rose to $13.005 billion from $2.968 billion in the year-ago quarter. Profit was boosted by a $10.8 billion gain from transactions with GlaxoSmithKline PLC and Eli Lilly and Co.
Novartis' animal health business was sold to American global pharmaceutical company Lilly. Novartis also bought cancer drugs from British multinational healthcare company GSK and sold its non-flu vaccines business.
Both the companies combined their consumer health care businesses. These deals helped the company to focus on three core businesses, which include pharmaceuticals, generic drugs and eye care.
Samsung Electronics on Tuesday posted a strong quarterly profit on growing demand for memory chips and displays. The tech giant in a regulatory filing said that its operating profit increased 11.5 % quarter-on-quarter to 5.9 trillion won ($5.44 billion) in the January-March period. The profit represented a 30.5% drop from a year earlier.
The first-quarterly operating profit of the company was far above the median market forecast of 5.47 trillion won among South Korea's 21 brokerage houses.
Total sales at Samsung were estimated to be at 47 trillion won from the period of January to March. Sales were 12.44% less from a year earlier and were down 10.87% from the previous three-month period.
On Tuesday, Sony announced that the company's net profit for the third quarter of 2014 was more than three times compared to net profit for the same period, a year earlier. The company also said that it was on course to experience annual loss.
According to the company, the improvement is due to weak yen, increased sales of the company's smartphones, strong demand for image sensors for cameras and robust PlayStation console businesses. Sony further stated, "It was primarily related to Sony's exit from the PC business, and a decrease in sales in the Pictures segment, mainly due to lower Motion Pictures and Television Productions sales."
Washington, Feb 27 : Apple enjoyed 89 percent of all smartphone profits in Q4 last year.
According to Tech Crunch, Strategy Analytics said that Apple in Q4 last year accounted for 89 percent of all smartphone profits, equating to 18.8 billion dollars, with Android taking only 11 percent, or 2.4 billion dollars.
It is reported that other platform players like Microsoft, Blackberry and Firefox did not make profit at all.
Neil Mawson, research director for Strategy Analytics, named Samsung, Huawei and Xiaomi as "three big profit drivers" for Android.
He said that Samsung is the Android giant that delivers most of Android's smartphone profits worldwide, adding that the company accounted for well over half of all Android smartphone profits globally in Q4 2014. (ANI)
New Delhi: Private lender HDFC Bank today reported 20 percent jump in net profit at Rs 2,794.51 crore for the third quarter ended December 2014 on account of higher interest income.
The bank had reported a net profit of Rs 2,325.70 crore during the same period of last financial year, HDFC Bank said in a filing to stock exchanges.
Total income of the bank rose to Rs 14,930.74 crore during the October-December period of FY15 from Rs 12,738.95 crore in the corresponding quarter of last financial year.
Net non performing assets (NPAs) stood at 0.26 percent as compared to 0.3 percent a year ago, while gross NPAs were at 0.99 percent as against 1.01 percent a year ago.
New Delhi - Bharat Petroleum Corporation Limited (BPCL) on Friday reported a net profit of Rs 551.16 crore for the December quarter on the back of full compensation for losses on fuel sales.
The company had reported a net loss of Rs 1,088.94 crore in the corresponding period of previous fiscal, BPCL said in a regulatory filing.
The government paid Rs 1,079.92 crore in cash subsidy while upstream oil producers like ONGC extended an assistance of Rs 2,332.88 crore to make up for all the losses that the firm had incurred on selling domestic LPG and PDS kerosene at rates lower than cost.
BPCL earned USD 1.54 on turning every barrel of crude oil into fuel in the quarter as compared to a gross refining margin of USD 1.76 per barrel in third quarter of previous fiscal.
Mumbai - Home-grown auto major Mahindra & Mahindra on Friday reported a consolidated net profit of Rs 930.32 crore for the third quarter ended December 31, 2014.
M&M had posted a consolidated net profit of Rs 1,230 crore in the same period last fiscal.
Its revenue stood at 18,371.91 crore in the latest quarter, as against 20,679.92 crore in the same period last fiscal, the company said in a regulatory filing.
The company said the figures are not comparable from the year-ago levels due to the merger of its associate companies.
Mumbai: Shares of budget airline SpiceJet today fell by 4 percent after the company reported widening of net loss by a steep 59 percent during the third-quarter at Rs 275 crore.
The stock went down by 3.99 per cent to Rs 19.25 at the BSE.
The company announced its results post market hours yesterday.
In the middle of an ownership change, SpiceJet had yesterday reported a steep 59 percent rise in third-quarter net loss at Rs 275 crore on lower passenger numbers and a one-time cost of Rs 295 crore.
London, Feb 04 : Lenovo has surpassed expectations by netting profits of 253 million dollars in the three months to December after sales in its smartphone division more than doubled. Analysts had earlier predicted profits of 200 million dollars and revenues of for the company.
The company also outdid revenue expectations as it posted a 31 percent rise and netted 14.1 billion dollars as opposed to forecasts for 13.7 billion dollars in sales, reported the BBC.
In a bid to diversify the PC business, Lenovo acquired Motorola and IBM's low-end server unit last year.
Lenovo's chairman and chief executive Yuanqing Yang said that the firm was at the "starting line" of a new race due to the two acquisitions and the outcome have proved that their strategy was right
New Delhi - Salaries of top executives are likely to see double digit rise this year with compensations of CEOs and Managing Directors expected to grow by 10.2 percent and of those in senior management by 10.5 percent.
According to global management consultancy Hay Group, compensation of CEOs and MDs are expected to grow by 10.2 percent in 2014-15, slightly higher than 10 percent in 2013-14, and senior management members are set to see a 10.5 percent rise in their pay, up from 10.4 percent last year.
As per the annual Top Executive Compensation Report 2014-15, benefits are increasingly becoming smaller components in the overall compensation structure as organisations are moving towards a cash based renumeration structure.
New Delhi - Punjab National Bank on Tuesday posted a marginal 2.5 percent increase in net profit to Rs 774.56 crore for its third quarter ended December 31, on account of higher provisioning for bad loans.
The country's second largest public sector bank by assets had reported net profit of Rs 755.41 crore for the October- December quarter of the 2013-14 financial year.
Poor performance of the bank pulled its share price down by nearly 7 percent to Rs 179.20 on the BSE after the numbers were announced.
As far as PNB's asset quality is concerned, gross NPAs as a percentage to total advances rose to 5.97 per cent from 4.96 per cent in the same quarter an year ago.
New Delhi - Yamaha Motor India on Monday reported 20.82 percent rise in domestic two-wheeler sales at 39,309 units in January.
The company had sold 32,534 units in January 2014.
Commenting on the sales performance, Yamaha Motor India Sales Vice President (Sales & Marketing) Roy Kurian said: "The incessant growth reinforces our belief in our business and strategic outlook.
"We are happy with our gradual growth and are extremely positive about 2015 with our new launches and innovative customers connect programmes."
He added that leveraging on the same, the company would garner major sales.
New Delhi - Tata Motors on Monday reported a 5.19 percent increase in total sales at 42,582 units in January, as against 40,481 units in the same month last year.
Domestic sales of Tata commercial and passenger vehicles grew by 5.35 percent at 38,621 units as compared to 36,657 units in January 2014, Tata Motors said in a BSE filing.
Sales of passenger vehicles in the domestic market in January stood at 13,047 units, up 18.89 percent from 10,974 units in January 2014.
In the commercial vehicles segment, domestic sales remained flat at 25,574 units during the month, the company said.
Mumbai : Tech Mahindra on Friday reported a 20.25 percent drop in its December quarter net at Rs 805.3 crore due to currency losses and wage hikes.
The IT services provider had posted a post-tax profit of Rs 1,009 crore in the year ago period.
Overall revenue grew to Rs 5,751.17 crore in the third quarter under review, up from Rs 4,898.5 crore in the year-ago period. The operating profit was also up at Rs 1,160 crore as against Rs 1,136 crore last year.
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