Business briefs 8/30/07

DaimlerChrysler profit falls in second quarter

FRANKFURT, Germany -- DaimlerChrysler AG said Wednesday that its second-quarter profit fell 14 percent and disclosed plans to spend about $10.2 billion buying back nearly 10 percent of its shares as it moves forward without its Chrysler division. DaimlerChrysler's profit decline excluding results from Chrysler and its finance arm -- which did better in the latest quarter than a year ago -- was a steeper 20 percent. The automaker said it earned 1.44 billion euros ($1.91 billion) excluding the operations it sold, compared with 1.8 billion euros a year earlier. It now expects a charge of 2.5 billion euros for the year from the sale of Chrysler group and its financing arm, less than it had previously thought.

Lego profits stack up during first half of year

COPENHAGEN, Denmark -- Lego Group reported 5 percent revenue growth in the first half of the year due to higher sales of classic products like its City, Technic and Star Wars lines. The toy maker also raised its full-year earnings forecast. Lego, known for its colorful plastic building blocks, said Wednesday that pretax profit in the first six months rose 3 percent to 173 million kroner ($32 million) from 168 million kroner in the same period in 2006. The privately owned group does not release quarterly figures and reports net profit only in its full-year report. Sales increased to 2.96 billion kroner ($542 million) from 2.82 billion kroner in the first half of 2006. Sales to the American market rose "especially well."

Gas prices, energy futures rise

NEW YORK -- Gas prices rose at the pump for the first time in weeks and energy futures jumped Wednesday after the government reported unexpected declines in refinery activity and inventories of gasoline and oil. Prices at the pump rose 1.3 cents Wednesday to a national average of $2.758 a gallon, according to AAA and the Oil Price Information Service.

Former Payless Shoe reports profit decline

KANSAS CITY, Mo. -- Collective Brands Inc., which changed its name from Payless ShoeSource Inc. earlier this month, said Wednesday its fiscal second-quarter profit declined 23 percent from higher costs and lower sales. Sales during the quarter decreased about 1 percent from $706.1 million to $699.3 million.

-- From wire reports