HP, OfficeMax, WalMart: All Cutting
Hewlett Packard, shares up 7.4% after the company reported earnings topping estimates by $0.05.
The tech leader also issued upside guidance for Q2 and the full year. Q1 net income rose 38%, as sales in the quarter rose 13%.
CEO Mark Hurd noted that 69% of its sales come from outside the United States
and attributed the Q1 earnings gain to demand in BRIC economies...
as well as cost savings from cutting jobs, merging data centers and paring back on real estate. More cuts are planned this year.
OfficeMax, the third-largest U.S. office-supplies retailer, stock rose 5.1% as Q4 net income rose 23% on cost reductions.
CEO Sam Duncan: "With early 2008 sales continuing to experience year-over- year declines,
we expect to pursue margin and cost-management initiatives."
Duncan cut corporate costs and trimmed expenses to narrow operating costs as a % of sales.
Revenue from retail stores fell 4.5% as consumers and small businesses reduced spending on office supplies.
WalMart, the world's largest retailer, topped estimates as Net income climbed 4% on revenue gains of 8.4%.
Same-store sales rose 1.4% excluding fuel, the smallest gain since the company began reporting the data in 1980.
Due to the adverse economic climate, WalMart issued a cautious full year profit forecast trailing analysts' estimates.
CEO H. Lee Scott slashed prices on groceries and household items. (Groceries represent 31% of sales).
Cash strapped and cost conscious consumers concerned with higher gasoline prices and job losses have boosted sales at discounters.
The tech leader also issued upside guidance for Q2 and the full year. Q1 net income rose 38%, as sales in the quarter rose 13%.
CEO Mark Hurd noted that 69% of its sales come from outside the United States
and attributed the Q1 earnings gain to demand in BRIC economies...
as well as cost savings from cutting jobs, merging data centers and paring back on real estate. More cuts are planned this year.
OfficeMax, the third-largest U.S. office-supplies retailer, stock rose 5.1% as Q4 net income rose 23% on cost reductions.
CEO Sam Duncan: "With early 2008 sales continuing to experience year-over- year declines,
we expect to pursue margin and cost-management initiatives."
Duncan cut corporate costs and trimmed expenses to narrow operating costs as a % of sales.
Revenue from retail stores fell 4.5% as consumers and small businesses reduced spending on office supplies.
WalMart, the world's largest retailer, topped estimates as Net income climbed 4% on revenue gains of 8.4%.
Same-store sales rose 1.4% excluding fuel, the smallest gain since the company began reporting the data in 1980.
Due to the adverse economic climate, WalMart issued a cautious full year profit forecast trailing analysts' estimates.
CEO H. Lee Scott slashed prices on groceries and household items. (Groceries represent 31% of sales).
Cash strapped and cost conscious consumers concerned with higher gasoline prices and job losses have boosted sales at discounters.
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