Industry Sales and Profits Decline in Third Quarter
Total revenues slipped 1% to $57,616.8 million from $58,138.6 million at the 54 public companies on our quarterly scorecard, while net income tumbled 17% to $3,511.5 million from $4,206.2 million, with every sector except footwear down. Peloton’s outsized losses continue to distort the bottom-line results somewhat, but the biggest impact last quarter was VF Corp.’s $670 million tax expense due to the upholding on appeal of the unfavorable tax ruling related to its acquisition of Timberland. Aggregate Return on Sales was 6.1% compared to 7.2% in Q3 2022, though still up ... Log in to view full article.