Discover Reports Financial Results for 4Q2008
Discover Financial Services has reported financial results for its fourth quarter 2008 ending November 30. Discover card sales volume declined 2% to $22 billion during the quarter as compared to 4Q2007. The net chargeoff rate increased to 5.48%, up from 3.85% in the same quarter last year. The company said it expects chargeoffs to increase to over 6% in the first quarter 2009.
[Update: Seeking Alpha has made available a transcript of today's Discover conference call.]
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