Inventories held by wholesalers rose by a larger-than-expected amount in February while sales increased for the 11th consecutive month. The Commerce Department said Friday that inventories at the wholesale level were up 0.6 percent in February, better than the 0.4 percent increase analysts had expected. Sales rose 0.8 percent, surpassing the 0.5 percent rise economists had forecast. The gains were an encouraging sign that stronger demand is prompting businesses to restock depleted shelves, a development that should help sustain the economic recovery. The inventory increase followed a 0.1 percent rise in January, which was initially reported as a decline of 0.2 percent. The rise marks the 11th straight month that sales have been up.
Wal-Mart launches round of price cuts
Wal-Mart Stores Inc. says it has started a large round of price-cutting, but analysts on Friday questioned whether the changes are much different from the world’s largest retailer’s usual promotions. Wal-Mart said Friday it is stepping up price cuts, although it wouldn’t specify how much it is amping up its typical weekly discounts designed to lure customers. The company will cut prices on about 10,000 items in stages, Wal-Mart spokeswoman Linda Blakley said, with several hundred introduced weekly. The cuts started April 1 and span all products and include food products. Examples online include an Acer 10.1-inch netbook priced at $328, down from $348, and a pair of Miley Cyrus &Max Azria denim shorts priced at $10, down from $14.
Bonus bolsters pay of Nordstrom president
The president of Nordstrom Inc. received a 50 percent pay boost last year as the upscale department store operator worked its way out of a recessionary slump to keep up with shoppers’ newly frugal habits. Blake W. Nordstrom’s total compensation was valued at $3 million in 2009 and most of the increase was tied to a bonus related to the company’s performance last year. His base salary totaled $700,000 in 2009, about the same as 2008. He received a performance-related bonus of $1.2 million. In the prior year, he did not receive the bonus. His 2009 compensation also included stock options and restricted stock valued at $1 million when granted.
Comcast CEO paid $25 million in 2009
The chief executive officer of cable operator Comcast Corp. received $25 million in compensation for 2009, up 1.3 percent from the prior year, according to as Associated Press analysis of a regulatory filing. Brian Roberts received a base salary of $2.9 million, up 5 percent from 2008, and a performance-based bonus of $8.2 million, up 11 percent. He has agreed to a freeze on his base salary for the next two years. Roberts also received stock and options valued at $11 million when they were granted. That’s up 7 percent from similar awards received in the previous year.
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