AP News

Earnings roundup: Wal-Mart, Safeway


Among the earnings stories for Thursday, Feb. 21, from The Associated Press:

Top stories:

— Wal-Mart Stores Inc. offered a weak business outlook as new economic challenges for its low-income shoppers start to take a toll. The world's largest retailer reported an 8.6 percent increase in profit for the fourth quarter.

— Grocery store chain Safeway's net income jumped 13 percent in the fourth quarter as its customer loyalty program gained traction.

Other stories:

— Chesapeake Energy Corp. posted a 40 percent decline in fourth-quarter net income with the glut of natural gas continuing to subdue prices.

— Sanderson Farms Inc.'s fiscal first-quarter loss narrowed, helped by increased poultry prices and improving market conditions.

— Hormel Foods Corp.'s net income edged up as higher sales of Spam and Hormel chili and other products helped offset higher costs for grain and other ingredients.

— Carlyle Group LP said its profit fell 28 percent in the fourth quarter as the investments held in its funds appreciated at a slower pace, and it collected lower performance fees.


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