Word: pretax
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...including Meats Europe, its packaged-meat division that houses the Aoste brand - worth around 40% of the firm's revenues. Investors liked the slimmed-down look; shares climbed 4% on the news. Where does that leave rival Unilever? The Anglo-Dutch titan last week announced a 36% slide in pretax profits for 2004. "They need to re-establish a little bit of momentum" before trimming fat, says Andrew Wood of U.S. investment-research firm Sanford C. Bernstein. But don't expect major weight gain. Unilever first needs "to sort its own problems out," he says. Either way, their bankers' coffers...
...tallying so far has left the big stores crying "Bah, humbug." And the bad news kicked in even earlier. British supermarket chain J Sainsbury last week said its same-store sales, excluding gasoline, fell 1.2% in the third quarter. Two months earlier, the company had declared a $72.5 million pretax loss for the first half - the first loss in its 135-year history. One of its food-and-retail competitors, Marks & Spencer, earlier this month reported a 6% dip in U.K. same-store sales for the third quarter, and warned that factors such as weak Christmas sales meant profits...
BERNSTEIN: Two things: There's a feeling that when taxes are raised, it's bad for the market. That's not necessarily true. Clinton raised taxes, and we had a bull market. People should invest on a pretax basis. The after-tax effect is icing on the cake...
...Wray's network of contacts, it was taking less than $90,000 in weekly bets. Now it has in excess of $90 million a week in matched bets, about 13% of the estimated annual $35 billion global online sports-betting industry. From April 2002 to April 2003, Betfair's pretax profits rose from $1.9 million to $15.5 million. The site has registered users in 85 countries, with 70% of the bets placed on horse races...
With founder and eponym Charles Schwab replacing Pottruck, many expect the firm to focus on the discount brokerage business, which accounts for 70% of its pretax income. But Schwab could make a decisive assault on the full-service brokerage industry or even be put up for sale. What's clear from the firm's troubles--it lost 44,000 accounts in the second quarter, when profits fell 10%--is that the middle market is a tough racket. Don't look for anyone to rush into this void...