That same quarter the company posted a 30% drop in profits, complete with rising charge offs and provisions.
The takeaway is that expectations for a 54% drop in profits are much too low.
Friday, AutoNation, the nation's largest independent auto dealer, announced a 29% drop in profits for the second quarter.
The firm blamed a drop in profits from the Cheltenham races and lower revenues from high value gaming customers.
This is followed by the spring slump, when membership cancellations and returned products cause a significant drop in profits.
But despite a 60% drop in profits since 2007, it continues to launch new titles (17 in the past four years).
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Shares in Tyson Foods rallied despite a 48% drop in profits.
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The materials sector, including metal and mining companies, lagged all industries with a 55% drop in profits and 19% decline in market value.
It was soon followed by Fuller's, the pub and brewing group, which blamed the wave of redundancies in London for a drop in profits.
Although it described economic and market conditions during the last year as "challenging", it said its drop in profits was in line with what it expected.
Best Buy, another retailer also facing threats from online competition like Amazon.com, was down sharply Tuesday, off 4.7% after a bigger-than-expected drop in profits.
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While the first year-over-year drop in profits in almost a decade might give some investors pause, there's little cause for concern for the future of the company.
AutoNation ( AN - news - people ), the nation's largest independent auto dealer, announced a 29% drop in profits for the second quarter.
Despite an average 78% drop in profits, due largely to lousy performance of investment portfolios, the country's major nonprofits raised the pay of their highest-paid employee--usually the boss--by 8.5%.
For the recording industry, which blames online piracy for contributing to a dramatic drop in profits and sales during the past decade, the new alert system is a better alternative than lawsuits.
This is bad news for companies that rely on free-spending tourists, such as Gucci, a fashion group that this week declared a 97% drop in profits for the three months to April compared with a year earlier (see article).
Markets, though, were on a downward trend, as news of economic growth was not enough to counteract the weak results posted by Ford Motors, which faced a drop in profits of almost 80 %, and Amazon.com, which failed to deliver stronger margins and earnings.
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Best Buy, whose Q3 results were, well, pretty bad with a 20% drop in profits, is offering free shipping this weekend along with all the other online retailers trolling for last minute shoppers. (Those same Q3 figures, by the way, showed that its online channel delivered a 20% increase in revenues compared to the same period a year earlier).
Company gained 2 million new subscribers in 2008 (more than rivals) but posted drop in net profits, in part because it's selling fewer handsets.
Australian miner BHP Billiton has reported a sharp drop in annual profits, due in part to weaker commodity prices.
Here is the thing: this is the first drop in reported profits at Tesco since 1993-94.
The Travelers Cos. also saw a 51 percent drop in quarterly profits, a direct result of Sandy-related claims.
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As a result, Takeda, Astellas and Daiichi Sankyo all expect a steep drop in operating profits this year.
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Shares in car parts and bicycle retailer Halfords were hit after it posted a big drop in annual profits.
On the day Hong Kong Disneyland was announced, Paris Disneyland reported a 46.6% drop in net profits, year on year.
On March 30th Baosteel, China's biggest producer, reported its first quarterly drop in net profits in more than three years.
Sanyo, another focused electronics firm, reported a 62% drop in net profits on the same day that Canon announced its cheery results.
As for consumer finance, the drop in gross profits was due mainly from lower loans balances from the two main vehicles ACOM (down from JPY 1.20 trillion to 1.01 trillion) and Mitsubishi UFJ Nicos (JPY 0.94 trillion to 0.76 trillion).
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Royal Dutch Shell has reported a 13% drop in second quarter profits, hit by weaker oil and North American gas prices.
By most business theories, he should have accomplished his task, but RadioShack still posted a 30% drop in first quarter profits.
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