A small acquisition signals that Columbia Sportswear wants a bigger footprint in the shoe market. The Portland-based company is known for its outerwear: winter coats and sports apparel. But its footwear business is growing faster than the coat business, and CEO Tim Boyle says footwear could someday be the company’s biggest seller. In January, Columbia bought Montrail Inc., a Seattle maker of high-end hiking, climbing and outdoor footwear, as a step toward that end .
Costco out-of-state wine deal near
Weeks after Costco Wholesale Corp. won a key court decision, the bulk retailer has moved another step closer to popping the cork on cheaper wine and beer at Washington stores. State Sen. Jeanne Kohl-Welles, D-Seattle, has crafted a bipartisan compromise that would allow out-of-state wineries and breweries to distribute directly to Washington retailers. Under a law ruled unconstitutional in December, state vintners can sell directly to retailers, but out-of-state producers must first sell their products through Washington distributors. That protectionism, argued Costco in its lawsuit, artificially inflates the cost.
Amazon earnings disappoint investors
Shares of Amazon.com Inc. sank Friday after the Internet retailer disappointed investors with a fourth-quarter earnings report that missed Wall Street’s revenue expectations and showed the company continues to make heavy investments in areas such as technology and marketing. The results, released after the markets closed on Thursday, sent shares tumbling $4.41, or 10.3 percent, to close Friday at $38.33 on the Nasdaq Stock Market.
Jobless rate drops during January
The nation’s unemployment rate dropped to a 41/2 -year low in January as businesses cranked up hiring, an encouraging sign that the economy started the year on the right foot. The unemployment rate dropped from 4.9 percent to 4.7 percent, the lowest since July 2001.
Maytag hopes to sell Hoover
Maytag Corp., reporting a bigger than expected loss for the fourth quarter on Friday, said it is seeking permission from prospective buyer Whirlpool Corp. to sell its Hoover floor care and vending machine businesses. Maytag, the nation’s third largest appliance maker, said it would sell Hoover, a widely known international manufacturer of vacuum cleaners and numerous other floor care products that it has owned for about 16 years. Floor care sales dropped 20 percent in the fourth quarter compared with a year ago, and 8 percent for the full year, said Maytag CEO Ralph Hake in a conference call with analysts.
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