Sales Fell

Ford Motor Co. reported yesterday that it lost $5.8 billion in the third quarter - its largest quarterly loss since 1992 - as the automaker struggled to implement a restructuring plan that included substantial cutbacks at factories across the country. The slide is expected to last at least through the first half of next year as employee buyouts and plant closings continue and the No. 2 U.S. automaker struggles to wean itself from its long reliance on trucks. "Everyone expected the number to be bad," said John Novak, an analyst with investment research firm Morningstar Inc. "But the amount of cash being burned is very high."

Home sales in the Baltimore metro area fell nearly 19 percent in July compared with a year earlier, a sharp decline that offered the clearest view yet of real estate activity after the expiration of a popular homebuyer tax credit. About 1,820 homes changed hands last month in the metro area, down from 2,240 a year ago, according to figures released Tuesday by Metropolitan Regional Information Systems. Home sales dropped in the city and all but one of its suburbs. The decline was no surprise, coming after two straight months of pullback in contract-signings — a trend that continued in July.

The nation's long housing boom appears to be losing steam. Sales of existing homes fell more than expected in July and prices were virtually flat compared with the previous month, the National Association of Realtors reported yesterday. Perhaps most significant, the price of condominiums, which have recently attracted a growing number of speculators looking to cash in on the boom, fell for the second straight month, while the number of condos on the market rose sharply. "We could very much be close to the peak at this time," said Lynn Reaser, chief economist at Bank of America's capital markets group.

Weary consumers kept their wallets tightly shut in July and the trend looks as if it might continue through the back-to-school season, a time when retailers normally see a boost from parents getting their kids ready for the new school year. Retail sales fell 5 percent as shoppers continued to worry about their jobs and spent more cautiously because of the recession, according to the International Council of Shopping Centers. Shoppers also had nothing to entice them to spend because there were fewer sales.

Fila Holdings SpA said yesterday that a sharp drop in U.S. and South Korean sales resulted in a first-quarter loss of $8.7 million -- a steep drop from a $32.6 million profit in the year-ago quarter.The news sent American depositary receipts of the Italian sportswear company, which has its U.S. headquarters in Sparks, down $3.125, about 13 percent, to close at $20.50.Fila said strong sales growth elsewhere, especially in Europe, could not offset the U.S. and South Korean declines.On a per-share basis, Fila reported a loss of 33 cents, compared with a net profit in the year-ago quarter of $1.22 per ADR. Sales fell 30.5 percent, from $429.

DETROIT -- General Motors Corp.'s car and light truck sales were unchanged last month, missing forecasts on disappointing car sales. DaimlerChrysler AG's U.S. sales fell 2.7 percent as its aging minivan and pickup lines fell prey to rivals' redesigned models.GM, the world's biggest automaker, sold 347,855 cars and light trucks, unchanged based on the daily sales rate.Analysts had forecast a 4.4 percent gain. DaimlerChrysler, the No. 3 maker in the United States, said its Chrysler arm's car sales rose 3.3 percent while light truck sales fell 4.7 percent.

DETROIT -- General Motors Corp. said yesterday that its U.S. vehicle sales fell 13 percent in June, continuing a pattern of lower demand industrywide because of strikes, competition from used-car sales, and tapped-out consumers.GM's decline from the same month a year ago was greater than expected. It follows Chrysler Corp.'s report earlier in the week that its sales fell 4 percent and Toyota Motor Corp.'s 2.3 percent decline.Industry sales this year to date are 1.9 percent below 1996 levels, despite larger incentives.

Riding high on its image as a leader in fuel efficiency, Toyota Motor Corp. surpassed Ford Motor Co. in July to become, for the first time, the No. 2 auto retailer in the United States. Piling on the insult, Asian automakers collectively posted their best showing ever, grabbing 41.4 percent of the U.S. passenger vehicle market in July, while the American car companies' collective market share dropped to a record low 52 percent. "Look at the trend over the past four years, and if you assume that all else remains the same, we believe Japanese automakers will be outselling domestics in the U.S. by 2014," said analyst Jesse Toprak of online automotive information provider Edmunds.

DEARBORN, Mich. -- Ford Motor Co.'s U.S. car and truck sales fell 4.3 percent in July as lower car sales and a cutback in price discounts offset a modest increase in truck demand.The second-largest automaker said yesterday that truck sales were 5.2 percent higher than in the same period a year ago, at 214,235 vehicles, while car sales fell 17 percent to 128,948. Analysts had expected Ford's sales to be little changed.The results come in what is expected to be one of the year's slowest sales months, a result of the strikes at General Motors Corp.

NEW YORK - Martha Stewart Living Omnimedia Inc. had a second straight quarterly net loss and said it will be unprofitable again this period as a federal probe of alleged insider trading by its founder discourages advertisers. The company said yesterday that its first-quarter net loss widened to $4.51 million, or 9 cents a share, from $234,000, or break even, a year earlier. Sales fell 15 percent to $58 million from $68 million, the biggest decline since the company sold shares to the public in 1999.

The major automobile makers posted further sales declines in April on Friday, punctuating a brutal week for an industry that saw one of its largest companies plunge into bankruptcy and signs that a similar fate awaits its biggest U.S. player. Chrysler, which filed for Chapter 11 bankruptcy Thursday and signed a deal to hand over its management to Fiat, reported Friday that its U.S. vehicle sales plunged 48 percent in April from a year ago. The Auburn Hills, Mich., company sold 76,682 cars, truck and SUVs during the period, a number depressed by a large reduction in fleet sales to rental car companies and government agencies as Chrysler attempts to focus on the consumer market.

Baltimore-area home prices declined for the first time in at least a decade last year, preliminary figures released this weekend show, as the region's housing market feels the sting from the worsening recession. Sales statistics released by the area's real estate listing service indicate the average home price dropped 3 percent last year to $306,500 in Baltimore and its five surrounding counties compared with 2007. The figure was less than the average in 2006 as well. Sales on an annual basis slumped 28 percent, with 21,500 homes changing hands.

Home sales and prices in the Baltimore area fell in October, and experts said rising joblessness and tighter credit markets could further dampen sales in the months ahead. The statistics released yesterday dashed hopes that a recovery had begun in Baltimore's housing market, experts said. Sales of previously owned homes in metropolitan Baltimore decreased nearly 15 percent last month compared with October 2007, while the average price dipped 4.8 percent to $300,546, according to Metropolitan Regional Systems Inc. Area economists predicted the housing market's two-year struggle will continue during the coming months.

Despite falling consumer confidence and gas prices that teetered around $4 a gallon, retailers surprised analysts by reporting yesterday better-than-expected same-store sales for May. Discount retailers like Wal-Mart Stores Inc., Costco Wholesale Corp. and TJX Cos. Inc. fared particularly well as price-conscious customers spent federal income-tax rebate checks on groceries, gasoline and off-price clothing. "The rebate checks were going to be a wild card this month, but it certainly looks like they kicked in," said Ken Perkins, president of the research firm Retail Metrics.

NEW YORK -- Retail sales growth in the week after Thanksgiving fell to 3.1 percent, the slowest rate in four years, as consumers delayed holiday purchases to wait for discounts. A longer shopping period between Thanksgiving and Christmas contributed to consumers' delays, the International Council of Shopping Centers (ICSC) and UBS Securities LLC said yesterday. Their survey showed that 25 percent of shoppers finished most of their purchases by Sunday, down from 32 percent the previous two years.

Ford Motor Co. reported yesterday that it lost $5.8 billion in the third quarter - its largest quarterly loss since 1992 - as the automaker struggled to implement a restructuring plan that included substantial cutbacks at factories across the country. The slide is expected to last at least through the first half of next year as employee buyouts and plant closings continue and the No. 2 U.S. automaker struggles to wean itself from its long reliance on trucks. "Everyone expected the number to be bad," said John Novak, an analyst with investment research firm Morningstar Inc. "But the amount of cash being burned is very high."

AUBURN HILLS, Mich. -- Chrysler Corp.'s U.S. sales of cars and trucks rose 3.2 percent in July, less than expected, as lower demand for cars offset improved sales of trucks and minivans.Truck sales rose 8.6 percent to 146,503 vehicles, while car sales fell 8.2 percent to 59,915, the third-largest U.S. automaker reported yesterday.Analysts had expected a 5 percent overall increase.Chrysler's sales have benefited from an updated lineup of key truck models, such as the Durango sport-utility vehicle and Ram four-door pickup.

DEARBORN, Mich. -- Ford Motor Co. yesterday said that its U.S. sales of cars and trucks rose 2.6 percent in January, capping a month of modest industry growth paced by strong gains by Japanese automakers.Ford's gains were higher than the small change expected by analysts and were helped by strong sport utility, minivan and pickup truck sales. The company's car sales declined.The industry's January sales in the United States rose about 6 percent above year-earlier levels, which were the weakest of 1996.

Riding high on its image as a leader in fuel efficiency, Toyota Motor Corp. surpassed Ford Motor Co. in July to become, for the first time, the No. 2 auto retailer in the United States. Piling on the insult, Asian automakers collectively posted their best showing ever, grabbing 41.4 percent of the U.S. passenger vehicle market in July, while the American car companies' collective market share dropped to a record low 52 percent. "Look at the trend over the past four years, and if you assume that all else remains the same, we believe Japanese automakers will be outselling domestics in the U.S. by 2014," said analyst Jesse Toprak of online automotive information provider Edmunds.