Lingering inventory issues from the port delays, ongoing foreign exchange headwinds for international companies and a tepid response from consumers at retail pushed down aggregate industry profits by 14% in Q3 to $3,529.3 million from $4,097.8 million as sales gained 4% to $42,188.5 million from $40,467.4 million. Four of the five sectors had negative comparisons against the prior year, and the one positive in the apparel sector was a weak 2% that reflected strong sell-in of fall merchandise after extremely strong sell-through of last year.
Investec analysts described news of a third-quarter operating loss of $139 million as "awful". Consensus estimates were for a 903 million pound profit.
Among risers, Shell forecast higher savings from its planned takeover of BG, boosting shares in both energy groups, while Swiss travel retailer Dufry rose 5.9 percent after reporting higher sales and profits.
