Published: Saturday, August 21, 2010
Business Briefs: Groupon offer brings in millions for Gap
Daily deal site Groupon reported Friday that it sold 445,000 vouchers for retailer Gap, bringing in $11 million in revenue for the Chicago-based company's first-ever nationwide promotion. Groupon typically splits revenue down the middle with its participating merchants. The company declined to disclose how it divided the $11 million from Thursday's sale. The coupon offered $50 in Gap merchandise for $25, and demand was so high that Groupon's servers experienced technical difficulties Thursday morning. Consumers who were having trouble accessing the Web site were directed to an apology page that let them enter their e-mails so they could be contacted when the traffic issues were resolved. Groupon spokeswoman Julie Mossler said the site was running smoothly again by roughly 8 a.m. PDT on Thursday, with 10 vouchers being sold per second throughout the day. The Gap promotion marked a departure from Groupon's typical model, which is to offer a discount to a local business.
Hormel products see sales rise
Hormel Foods Corp. said strong sales of its grocery products such as Hormel Chili helped its net income rise 11 percent in the third quarter despite higher commodity costs. The maker of Spam, Dinty Moore and other foods Friday raised its earnings guidance for the year on the results. CEO Jeff Ettinger said in a call with analysts that the company continues to face rising costs, especially for pork. "We expect higher hog costs to continue in the fourth quarter," hurting margins in Hormel's refrigerated foods segment and pork-based grocery products," he said. The company is offsetting the higher prices in part by retail price increases.
Worker deaths in Washington decline
The number of workplace deaths in Washington declined to 75 last year, the lowest number since 2000. The figure released Thursday by the federal Bureau of Labor Statistics compares with 83 workplace deaths in 2008 in the state. State Labor and Industries Director Judy Schurke says the decline is likely due to fewer people working during the recession. There were nine construction fatalities in 2009 in Washington compared with 20 deaths during the previous year.
Price competition squeezes Smuckers
J.M. Smucker Co.'s net income rose 5 percent during its fiscal first quarter on lower costs, though the company was squeezed by higher coffee bean prices and price competition on store shelves. The maker of Jif peanut butter, Folgers coffee and other foods said Friday that it earned $102.9 million, or 86 cents per share, for the quarter. That's up from $98.1 million, or 83 cents per share, earned in the same quarter last year. Net income was $1.04 per share excluding restructuring and other charges. Analysts expected 96 cents per share.
From Herald news services
Hormel products see sales rise
Hormel Foods Corp. said strong sales of its grocery products such as Hormel Chili helped its net income rise 11 percent in the third quarter despite higher commodity costs. The maker of Spam, Dinty Moore and other foods Friday raised its earnings guidance for the year on the results. CEO Jeff Ettinger said in a call with analysts that the company continues to face rising costs, especially for pork. "We expect higher hog costs to continue in the fourth quarter," hurting margins in Hormel's refrigerated foods segment and pork-based grocery products," he said. The company is offsetting the higher prices in part by retail price increases.
Worker deaths in Washington decline
The number of workplace deaths in Washington declined to 75 last year, the lowest number since 2000. The figure released Thursday by the federal Bureau of Labor Statistics compares with 83 workplace deaths in 2008 in the state. State Labor and Industries Director Judy Schurke says the decline is likely due to fewer people working during the recession. There were nine construction fatalities in 2009 in Washington compared with 20 deaths during the previous year.
Price competition squeezes Smuckers
J.M. Smucker Co.'s net income rose 5 percent during its fiscal first quarter on lower costs, though the company was squeezed by higher coffee bean prices and price competition on store shelves. The maker of Jif peanut butter, Folgers coffee and other foods said Friday that it earned $102.9 million, or 86 cents per share, for the quarter. That's up from $98.1 million, or 83 cents per share, earned in the same quarter last year. Net income was $1.04 per share excluding restructuring and other charges. Analysts expected 96 cents per share.
From Herald news services
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