Earnings
>Universal Music Group, the world's largest music company, will have a weak third quarter in sales and a "very strong" fourth quarter because of the timing of new albums, parent company Vivendi SA said Thursday.
"Unfortunately there have not been a lot of records released" by Universal in the current quarter, Vivendi Chief Executive Officer Jean-Bernard Levy told investors and analysts on a conference call Thursday. A "buildup" in fourth-quarter releases "will make up for the slight decline" in the present quarter, he said.
Universal expects fourth-quarter releases from artists such as Jay-Z, Eminem, Fergie, Andrea Bocelli, Paulina Rubio and Elton John. Its third-quarter releases include albums by artists such as Method Man and The Roots. Music companies typically save their highest-profile releases for the final quarter, when consumers make holiday purchases.
>Royal Ahold NV, the Dutch owner of Stop & Shop and Giant supermarkets, said second-quarter profit rose 60 percent, led by the U.S. Foodservice distribution unit. The shares rose to a three-year high.
Net income at the Amsterdam-based retailer increased to 219 million euros ($281 million), or 13 cents a share, from 137 million euros, or 8 cents a share, a year earlier, Chief Executive Officer Anders Moberg said. That beat the 159 million-euro estimate of analysts surveyed by Bloomberg News. Operating profit at U.S. Foodservice rose 77 percent.
>InBev NV said second-quarter profit rose 22 percent, exceeding analyst estimates, as the brewer's sales increased in Latin America, and eastern and central Europe. The shares climbed to a record. Net income jumped to 394 million euros ($505 million), or 65 cents a share, from 323 million euros, or 54 cents a share, a year earlier, the Leuven, Belgium-based company said Thursday in a statement.
Official just releasd from the A.P through Bloomberg News
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