FRANKFURT--German chemicals and pharmaceuticals company Merck KGaA (MRK.XE) reported a 12% decline in net profit for the first quarter of 2017. Net profit for the period ended March 31 fell to EUR521 million ($580.4 million) from EUR591 million a year earlier. Analysts had predicted a net profit of EUR540 million, according to a recent poll compiled by FactSet. Net profit was mainly down as a result of a divestment gain that boosted earnings in the year-earlier period. For the current year, Merck said it expects net sales in a range of EUR15.5 billion and EUR16 billion, while Ebitda before one-time items should be in a range of EUR4.4 billion to EUR4.6 billion.
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Analysts were expecting the company to report adjusted pretax profit of 460 million pounds, according to a company-supplied consensus.They expect pretax profit to edge up to 468 million pounds for the current year. It said this effect would reverse in the current year, with an adverse impact of about 30 million pounds ($38.9 million). Britain's Burberry reported a 21 percent underlying drop in pretax profit to 462 million pounds, dragged down by weak wholesale demand in the United States, and showing the challenge facing Marco Gobbetti when he becomes CEO in July. The luxury group, which is known for its trenchcoats, has benefited from the drop in the value of the pound in the last year, resulting in a 10 percent gain in adjusted profit at reported exchange rates.
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Mothercare profit falls on restructuring costs
LONDON--Baby goods retailer Mothercare PLC (MTC.LN) Thursday reported lower fiscal 2017 pretax profit, reflecting restructuring costs and difficulties in the Middle East. Mothercare said pretax profit in the 52 weeks to Mar. Group underlying pretax profit was GBP19.7 million versus GBP19.6 million a year earlier. 25 fell to 7.1 million pounds ($9.2 million) from GBP9.7 million a year earlier on revenue that dropped to GBP667.4 million from GBP682.3 million beforehand. It said the Middle East continued to be economically tough, resulting in like-for-like international sales falling 4.1%, though total sales were up 10.6% due to currency benefits.Analysts were expecting the company to report adjusted pretax profit of 460 million pounds, according to a company-supplied consensus.They expect pretax profit to edge up to 468 million pounds for the current year. It said this effect would reverse in the current year, with an adverse impact of about 30 million pounds ($38.9 million). Britain's Burberry reported a 21 percent underlying drop in pretax profit to 462 million pounds, dragged down by weak wholesale demand in the United States, and showing the challenge facing Marco Gobbetti when he becomes CEO in July. The luxury group, which is known for its trenchcoats, has benefited from the drop in the value of the pound in the last year, resulting in a 10 percent gain in adjusted profit at reported exchange rates.
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