Costco tightens its return policy on electronics
Published 9:00 pm Monday, February 26, 2007
In a break with its policy of allowing customers to return goods at any time for a full refund, Costco Wholesale Corp. is setting a firm return period of 90 days for consumer electronics such as televisions, computers, cameras, camcorders, iPods, MP3 players and cell phones. The Issaquah-based retailer announced the new policy for electronics on Monday. There is still no limit on other goods.
Forth &Towne will shut at Alderwood
Gap Inc. is closing the Forth &Towne chain that was supposed to help it sell more clothes to older women, aborting the expansion so management can concentrate on reviving the company’s more established brands. The decision announced Monday affects all 19 Forth &Towne stores opened since Gap unveiled the concept in 2005, including a store in Lynnwood’s Alderwood mall. The store closures are expected to be completed by the end of June, jettisoning about 550 jobs.
Nordstrom earnings rise 22 percent
Nordstrom Inc. said Monday that its fourth-quarter net profit rose 22 percent in the period that includes the crucial holiday season. For the quarter ended Feb. 3, the clothing retailer reported net income of $232.3 million, or 89 cents a share, up from $190.4 million, or 69 cents per share, for the same period last year. Analysts polled by Thomson Financial were predicting earnings of 90 cents per share on sales of $2.6 billion.
Brazilian airline completes 777 buy
Boeing Co. said Monday that Tam Linhas Aereas SA, one of Brazil’s largest airlines, has finalized a purchase of four 777-300ER jets. The airline first announced in October that it was ordering four extended-range versions of Boeing’s 777-300 and reserving purchase rights for four more of the wide-body jets.
McDonald’s gripes increased in 2006
McDonald’s Corp., which serves hundreds of millions of Happy Meals each year, also creates its share of less-than-happy patrons. The company’s accounting of guest satisfaction for 2006 shows that the number of customer complaints per 100,000 guests totaled 20.1 at company-operated stores, compared with 18.5 in 2005.
T-bills unchanged in Monday auction
The Treasury Department auctioned three-month bills Monday at a discount rate of 5.035 percent, the same as last week. Six-month bills were also unchanged at 4.95 percent. The discount rates reflect that the bills sell for less than face value. For a $10,000 bill, the three-month price was $9,872.73 while a six-month bill sold for $9,749.75. Separately, the Federal Reserve said Monday that the average yield for one-year Treasury bills, a popular index for changing adjustable-rate mortgages, declined to 5.05 percent last week from 5.07 percent the previous week.
From Herald staff and news services
