The committee to establish a tribute to Everett’s commercial fishing fleet will meet at 2 p.m. today at the Port of Everett office, 2911 Bond St. A main agenda item is to examine samples of a pictorial history book planned by Arcadia Publishing. Another item is to plan for a fundraising dinner this fall.
Wal-Mart CEO Scott warns of soft sales
Wal-Mart Chief Executive Lee Scott warned earnings could fall short of Wall Street expectations and said Tuesday that the company will focus on prices this summer in a bid to rekindle sales in U.S. stores. The tepid outlook from Wal-Mart, considered a barometer for the retail industry, could serve as a warning bell that rising gasoline prices and a weakening housing market will continue to erode consumer spending.
Consumer inflation slowed last month
Consumer inflation moderated slightly in April even though motorists were socked with another big jump in gasoline prices. Outside of energy and food, inflation pressures remained well-contained. The Labor Department reported Tuesday that consumer prices rose by 0.4 percent last month following a 0.6 percent jump in March.
Home Depot profits slump 29.5 percent
The Home Depot Inc. posted a 29.5 percent drop in first-quarter profit Tuesday and warned the rest of the year will be challenging. The company also said it still hasn’t decided the fate of its wholesale distribution arm three months after announcing it might shed the unit. Analysts were eager to get an update on the Atlanta-based company’s review of whether it will sell, spin off or keep its HD Supply unit. But the world’s largest home improvement store chain was mum on its plans.
Mercedes sales aid DaimlerChrysler
First-quarter earnings at DaimlerChrysler AG more than doubled as a strong performance by the company’s Mercedes division outweighed widening losses at Chrysler, which the company agreed this week to sell. The German-American automaker said Tuesday it earned 1.97 billion euros ($2.67 billion) in the January-March period, up from 718 million euros a year earlier and well above the 1.39 billion euros ($1.88 billion) forecast of analysts polled by Dow Jones Newswires. Sales fell to 35.4 billion euros ($47.96 billion) from 37.4 billion euros, below the 36.63 billion euros ($49.63 billion) analysts had expected.
Limited to sell Express brand
Limited Brands Inc. will sell a majority interest in its underperforming Express apparel brand and is considering options for its Limited Stores chain, the retailer said on Tuesday as it warned of first-quarter earnings likely to disappoint Wall Street. Limited Brands, the operator of Victoria’s Secret and Bath &Body Works, said it is selling 67 percent of its interest in Express to affiliates of private equity firm Golden Gate Capital for $548 million. The sale is expected to close by July.
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