Analysts typically point to concerns about a sales peak and whether GM can sustain strong profitability if U.S. auto sales turn sharply lower. Profits from China remained steady as sales improved after a sluggish start to the year, while GM's sales mix in the world's largest car market tilted toward higher-priced SUVs, Buicks and Cadillacs. GM continues to cash in on brisk demand for pickup trucks and SUVs, stoked by sustained low gas prices and steady economic growth. The nation's largest auto maker by sales posted first-quarter operating profit of $1.70 per share, breezing past Wall Street expectations of $1.47 per share. GM's North American operating profit rose 49% to $3.4 billion, also a record for the quarter.
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New vehicle sales hit a record of 17.55 million units in 2016, and analysts expect a slight sales decline in 2017. GM said first-quarter vehicle sales rose slightly in Europe, where it has agreed to sell its European Opel and Vauxhall operations to France's PSA Group (PEUP.PA). U.S. sales of Chevrolet trucks and crossovers rose 3.5 percent and 12 percent, respectively, during the quarter, while GMC truck and crossover sales jumped almost 10 percent. 2 U.S. automaker Ford on Thursday reported lower quarterly net profit due to higher commodity, engineering and recall costs, and a drop in vehicle sales. Fiat Chrysler Automobiles NV (FCHA.MI) reported a higher operating profit this week due to soaring SUV sales.
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RCG cuts profit guidance 11pc as footwear sales soften
Whilst this was an improvement on trading between Boxing Day and mid-February, when Hype like-for-like sales fell 2.8 per cent, sales had not met management's expectations. Mr Brett said like-for-like sales in the Accent Retail and Hype business in March and April were flat. RCG facebook/" target="_blank">shares have fallen 40 per cent since the profit downgrade in February and 53 per cent since the Hype acquisition. RCG cut its guidance from $90 million to between $85 million and $88 million in February after like-for-like sales at Hype went backwards in the eight weeks after Christmas and sales growth slowed in the Accent division. Share on twitter Sue Mitchell by Footwear retailer RCG Crop has slashed full-year profit guidance by 11 per cent – the second downgrade in three months – after sales of brands such as Skechers, Vans and Doc Martens remained weak in March and April.New vehicle sales hit a record of 17.55 million units in 2016, and analysts expect a slight sales decline in 2017. GM said first-quarter vehicle sales rose slightly in Europe, where it has agreed to sell its European Opel and Vauxhall operations to France's PSA Group (PEUP.PA). U.S. sales of Chevrolet trucks and crossovers rose 3.5 percent and 12 percent, respectively, during the quarter, while GMC truck and crossover sales jumped almost 10 percent. 2 U.S. automaker Ford on Thursday reported lower quarterly net profit due to higher commodity, engineering and recall costs, and a drop in vehicle sales. Fiat Chrysler Automobiles NV (FCHA.MI) reported a higher operating profit this week due to soaring SUV sales.
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