Further, profit improvements often depend on a retailer's growth, and Wal-Mart's potential to grow rapidly is in question.

The immediate target was a profit improvement from about $30 million to about $60 million, according to people familiar with the papers' finances.

Moody's, the bond rating agency, downgraded its debt, saying prospects for significant profit improvement was low.

The stock market demands quarterly profit improvement.

Printemps's had a 10 percent sales growth last year and profit improvement, Mr. Leroy said.

It also envisages €400m of "structural profit improvements".

David Glass, the company's president and chief executive, credited the company's merchandising strategy for producing the profit improvement.

Second comes the business expansion sector, the main source of profit improvement.

"With costs squeezed down, many of you should be experiencing a most welcome profit improvement," the report said.

Buffeted by declining attendence and an overabundance of theaters, most chains have shown little profit improvement in recent years.