Lowe’s Cos.’ fourth-quarter profit rose 39 percent as home owners took on more renovation projects as the economy slowly recovers. The results announced Wednesday beat Wall Street estimates, but Lowe’s first-quarter earnings forecast suggested its results could come in below forecasts. The weak outl
ook stood in contrast to competitor Home Depot’s increased earnings outlook issued a day earlier. Lowe’s shares slipped 38 cents to $25.61 in premarket trading. Still, home-improvement retailers are seeing signs of life from shoppers as they take on projects around the house that were delayed during the consumer spending slowdown and recession.
Washington Post earnings fall
The Washington Post Co. reported a small drop in its fourth-quarter net income as revenue stayed flat. Declines in its newspaper publishing and education divisions offset growth in television broadcasting. Growing government scrutiny of for-profit education, including the Post Co.’s Kaplan business, continues to loom over the company. Shares in the company fell 4 percent after the release of results Wednesday. The Post company said its net income totaled $79 million, or $9.42 per share, in the October-December quarter. That’s down 3 percent from $82 million, or $8.71 per share, in the same period a year earlier. The Post Co., which owns The Daily Herald, had fewer shares out in the recent quarter because of recent buybacks of stock; that increased per-share results in the latest quarter despite the drop in earnings.
Air bag problem prompts F-150 recall
Under government pressure, Ford Motor Co. said Wednesday it will recall nearly 150,000 F-150 pickup trucks to fix air bags that could deploy without warning. The recall covers trucks from the 2005-2006 model years in the United States and Canada for what the auto company calls a “relatively low risk” of the air bag deploying inadvertently. The recall, however, is much smaller in scope than what the government had requested. The National Highway Traffic Safety Administration, citing 77 injuries, told the company in a November 2010 memo that the recall should cover 1.3 million F-150 trucks from the 2004-2006 model years.
American Girl store to open this summer
American Girl confirmed what Alderwood shoppers already know — it’s building its latest retail store at the mall. The 12,500-square-foot store will open this summer, the company said. It will include an assortment of historical and contemporary dolls and outfits, accessories, girl-sized clothing and books as well as a 50-seat bistro, a doll hair salon and a doll boutique. The store will be the company’s first in Washington state. A variety of girl-and-mom events and programs will be offered through the year, the company said in a news release.
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