Rockwell Automation raises full year growth to upper end of forecast
Dated: 2 August 2007
Rockwell Automation said it is raising its revenue growth for the year to approximately 10 percent, the high end of its previous forecast of eight to nine percent. The additional one percent growth expected comes from the recent acquisition of ICS Triplex.
In a financial statement, the company also said its fiscal 2007 third quarter net income grew to US$164.2 million, from US$149 million in the same period last year.
Sales in the US increased two percent compared to the third quarter of 2006, while international sales increased 13 percent, with continued strength in Europe and Latin America. It also saw improved performance in Asia Pacific and Canada, the company said.
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After X5 announced that all new hypermarkets will be opened under the Karusel brand, Russia's largest food retailer, gained 3.2% in London trading. The retailer aims to add as much as 160,000 sq m of space this year as economic growth in Russia enables more people to buy higher-priced foods and shop in stores rather than at open markets.
Wal-Mart has announced plans to invest around USD 1 billion in Brazil and open 80 to 90 new stores, in all its formats, in 2009. It will be the largest investment the retailer has made in Brazil since it opened its first operation in Sao Paulo in 1995.
Although sales are up by 17% for Fresh & Wild Ltd, the UK unit of Whole Foods Market, the company has reported ₤7 million loss for the year to September 30, 2007. Some analysts feel that there is too much working against Whole Foods for it to really get off the ground.
Carrefour has been keeping its entry into Iran low-key, as both the retailer and Tehran's government suspect that the foreign presence may cause some excitement. It is not clear yet how feasible it will be for Carrefour to maintain supply in the face of financial restrictions on trade with Iran as a result of US sanctions.
The sale of 107 Somerfield stores, purchased last month by the Co-operative Group, is being handled by Credit Suisse which has requested that potential bidders offer up proposals before 22 August.
