P.M. BRIEFING : Retailers Report Profit Rise
The nation’s large retailers posted average after-tax profits of 1.8 cents per dollar during the third quarter, up 0.4 cents from the year-earlier quarter, the Commerce Department said today.
Retailers with assets of more than $50 million reported third-quarter after-tax profits of $2.6 billion, up $600 million from the second quarter and the year-ago period, the department said.
Third-quarter sales improved 1.4%, or $2 billion, from the previous quarter to $143.7 billion and 9.9%, or $12.9 billion, from the year-earlier period.
The annual rate of after-tax return on stockholder equity was 12% during the quarter, compared with 9.5% in the second quarter and 9.2% in the year-earlier quarter, the department said.
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