Brazil Turmoil Costs AB Inbev In Quarterly Results
BRUSSELS (AP) – The world’s biggest brewer, AB Inbev, says economic and political turmoil in Brazil hit its quarterly earnings, with sales volumes declining by 10 percent in the huge Latin American nation.
The company said “our business in Brazil experienced one of its most challenging quarters in many years,” and added that “we expect the economy to remain challenging” for the rest of the year.
Sales volumes overall declined by 1.4 percent. Revenue dropped to $9.40 billion in the first quarter from $10.45 billion in the same period of last year.
Whole Foods Sees Key Sales Figure Decline Again
NEW YORK (AP) – Whole Foods says sales declined 3 percent at established locations during its fiscal second quarter as it prepares to launch an offshoot chain intended to expand its customer base.
It marks the third straight quarterly decline for the Austin, Texas-based company, which is facing intensifying competition from traditional grocers and big box retailers that have expanded their organic and natural food selections.
For the current quarter through May 1, the company said sales were down 2.6 percent at established locations.
Tesla Motors 1Q Net Loss Widens on Model X Woes
DETROIT (AP) – Electric car maker Tesla Motors Inc. racked up a big loss in the first quarter because of production problems with its new SUV, but investors cheered the news that it’s on target to meet its delivery goals this year and bring its new, low-cost car to market by 2017.
Tesla’s loss rose 84 percent to $282 million in the first quarter as it struggled with parts delays for the Model X SUV. Also, the company’s stock-based compensation costs more than doubled during the quarter to nearly $90 million.
The loss, of $2.13 per share, far exceeded Wall Street’s forecasts. Analysts polled by FactSet expected a loss of 87 cents per share.
GM to Resume Production at 4 Plants Idled by Japan Quakes
NASHVILLE, Tenn. (AP) – General Motors is on track to resume full operations at four North American plants where vehicle assembly has been halted because of supply chain interruptions caused by earthquakes in Japan.
GM said manufacturing that was put on hold on April 25 is expected to resume on May 9 at plants in Tennessee, Ohio, Kansas and Canada.