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October 2008
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WPPGY WPP Group warns of "very tough" 2009, 3Q sales up - DJ (27.29 )
WPPGY WPP Group warns of "very tough" 2009, 3Q sales up - DJ (27.29 )
WPPGY WPP Group warns of "very tough" 2009, 3Q sales up - DJ (27.29 )
DJ reports the co warned that it will struggle to meet 2008 targets and sees a tough outlook for 2009, after it reported a 16.2% rise in third quarter sales.
"There is no doubt that the disintegration in the
financial markets
has had and will continue to have, a significant negative effect on consumer and corporate confidence," the company said in a statement. "As a result, 2009 will be a very tough year." WPP said it is likely to make job cuts in Western Europe and the U.S. in order to boost operations in growing markets such as China and India.
"We have to invest in markets that are growing and we have to consolidate and cut in those markets that are shrinking," chief executive Martin Sorrell said in a telephone interview with Dow Jones Newswires. The company also said that while everything will be done to achieve its improved operating margin target of 15.5% for 2008, attaining this "will not be easy".
Posted:
10/30/2008 8:39:23 AM
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