British American Tobacco’s (AMEX:BTI) fiscal year net profit rose from 2.9 billion pounds a year ago to 3.1 billion pounds at the end of the last quarter, while pretax profit rose 11 percent to 5.52 billion pounds. Revenue was up 3 percent to 15.4 billion pounds. The company sees momentum going into 2012 for market share growth and margin improvement, even with an unsettled global economy. The company will buy back another 1.25 billion pounds of shares, and recommends a full-year dividend of 126.5 pence.

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Beating the Street consensus of $1.19 per share, Darden Restaurants (NYSE:DRI) sees fiscal third-quarter (ending Feb. 26) earnings per share of $1.23-$1.25. The Lenten season began during the current quarter, which benefited the company, as did milder winter weather.

Sears Holdings’ (NASDAQ:SHLD) fourth-quarter earnings per share of $0.54 missed estimates by $0.24, but revenue of $12.48 billion was in-line with the consensus, though down 4 percent year-over-year. Separating its Hometown and Outlets Businesses and certain hardware stores should raise $400 million to $500 million, according to projections. Sears Holdings is completing real estate transactions for 11 stores for $270 million.

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Worries that Safeway (NYSE:SWY) is being hampered by rising gas prices and other macroeconomic factors made the grocery chain the S&P 500′s biggest decliner, even though Safeway reported fourth-quarter earnings that exceeded expectations. The company’s gross margin fell to 26.7 percent from 28.1 percent in the year-ago period, and same-stores sales rose only 1.5 percent, when excluding fuel sales.

Natural and organic product maker Smart Balance (NASDAQ:SMBL) reported positive fourth-quarter earnings and gave slightly improved guidance for 2012, causing shares to soar. The company now projects that net sales will grow 17 percent to 20 percent this year to between $320 million and $330 million.

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Five hundred Blockbuster stores that are currently underperforming and are unprofitable — that’s about one third of all existing stores — will be closed by Dish Network (NASDAQ:DISH). The company will attempt to compensate for subscriber losses as it expands its dish offerings at the remaining branches.

In order to cut its costs by $10 billion by 2016, Procter & Gamble (NYSE:PG) plans to cut 5,700 jobs in 2013, according to CEO Bob McDonald. After selling its Pringles brand to Kellogg, the company also reduced its earnings estimate for the fiscal third quarter and fiscal 2012.

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To contact the reporter on this story: Mark Lawson at staff.writers@wallstcheatsheet.com

To contact the editor responsible for this story: Damien Hoffman at editors@wallstcheatsheet.com

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