Toll Brothers, the US luxury housing community developer, has been sent reeling by the plunging property market in a day of results during which some of America's best-known companies reported varying results.

The company unveiled a 51 per cent fall in second-quarter revenue to $398 million.

Deere & Co, the world's biggest maker of agricultural machinery, reported a 38.4 per cent fall in net profit to $472 million (£302 million) for the second quarter, as farmers hit by lower crop prices cut back on new equipment such as tractors and harvesters.

The company, which has also been hurt by the housing market fall that damaged its construction equipment division, revised its full-year expectations for net income to $1.1 billion, down from the $1.5 billion it forecast in February.

BJ's Wholesale, however, continued to profit from the recession as shoppers turned to discount goods to help to stretch their household budgets. The wholesale retailer, similar to Costco in the UK, said that net profit for the first quarter jumped 41 per cent to $24.3 million.

But net profits at Target Corp fell 13.2 per cent to $522 million in the first quarter as comparable sales dropped 3.7 per cent to $14.4 billion. Target has not done as well as other discount retailers because about 40 per cent of its revenue comes from non-essentials such as clothing and home accessories, which shoppers are dropping in the tough economic environment.

The company is locked in a battle with William Ackman, founder of Pershing Square Capital Management, the hedge fund manager that holds 7.8 per cent of its stock. Mr Ackman wants to put five new directors on Target's board and for the company to split its stores and distribution centres from the properties from where they operate, so that the company can benefit from the value of the real estate.

Limited Brands, the owner of Victoria's Secret and five other retailers, will reveal its first-quarter figures after US markets close today.

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