Nordstrom Inc.’s profit jumped 62 percent on strong sales and lower markdowns, the company said Thursday, but results still missed Wall Street’s forecast. In the fiscal second quarter ended July 31, the Seattle-based company earned $106.9 million, or 75 cents a share, on revenue of $1.95 billion. In the same period last year, it earned $65.9 million, or 48 cents a share, on revenue of $1.78 billion. Analysts were expecting earnings of 77 cents a share.
Skilling volunteers to avoid jail time
Former Enron CEO Jeffrey Skilling is working for Habitat for Humanity to fulfill a community service requirement that allows him to remain free on $5 million bond pending trial, his lawyer said Thursday. Skilling, 50, is working in a warehouse and a supply outlet store run by Houston’s branch of the volunteer group, which builds and restores homes for low-income families, said his lead trial attorney, Daniel Petrocelli. Skilling has pleaded innocent to nearly three dozen counts of conspiracy, fraud and insider trading stemming from Enron Corp.’s 2001 crash.
Port job lottery draws 300,000
Longshore union and port shipping officials sifted through 300,000 applications Thursday submitted as part of a special lottery for 3,000 temporary dockworker jobs in Los Angeles. The cattle call for workers, a rare occurrence in the shipping industry, drew an overwhelming response since the union began accepting cards last week. “This is by far the largest turnout we’ve ever had,” said Jim McKenna, president and chief executive of the Pacific Maritime Association. The drawing, expected to take most of the day, began under the supervision of five arbitrators shortly after 9 a.m.
Economic signs don’t look good
Offering more evidence that the nation’s economic recovery is losing steam, a closely watched gauge of future business activity fell in July for the second consecutive month. The Conference Board said Thursday that its Composite Index of Leading Economic Indicators dropped by 0.3 percent in July to 116.0, following a revised decline of 0.1 percent in June. July was the first time in more than a year that the index had lost ground, and the decline was larger than the 0.1 percent dip forecast by analysts. The index is closely followed because it is designed to forecast the economy’s health over the coming three to six months. Economists said the new reading, taken together with a mixed batch of other recent data, points to slower growth in the months ahead.
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