Group 1 2nd-qtr profit drops amid auto slump

Newswire

DETROIT, July 29 (Reuters) - Auto retail chain Group 1 Automotive Inc reported a nearly 29 percent decline in quarterly earnings on Tuesday as sales of new vehicles were hit by an industry-wide slump. The auto retailer, which ranks as the fourth-largest U.S. auto retail chain in terms of sales, also cut its forecast for full-year earnings and its forecast for 2008 U.S. auto sales. Group 1 expects to post earnings per share from continuing operations of between $2.65 and $2.95 this year, ...

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