Wilsons The Leather Experts Inc. confirmed Tuesday that it will close its store in Everett Mall as part of the retailer’s cost-cutting plan. Overall, the Minnesota-based company is closing 111 stores, including two others in Washington, and laying off more than 1,000 people nationwide. After these and previously announced closings, the seller of leather outerwear and sportswear will operate about 430 locations, including one at Lynnwood’s Alderwood Mall. The company blamed a bad holiday season and a disastrous foray into travel products for its financial struggles.
Washington Banking Co. reported increased profits Tuesday, and also announced a stock dividend and an increase in its cash dividend. Washington Banking, the holding company for Whidbey Island Bank and Washington Funding Group, increased its fourth-quarter earnings by 31 percent, with net income totaling $1.6 million, or 28 cents a diluted share. For all of 2003, the company’s earnings rose 12 percent to $6 million, or $1.08 a diluted share. The 15 percent stock dividend means shareholders will receive 15 new shares of stock for each 100 they own. The quarterly cash dividend was also increased to 7.25 cents a share. It will be paid Feb 24 to shareholders of record on Feb. 9.
Boeing Co. chief executive Harry Stonecipher reassured Kansas politicians Tuesday that the company’s future will always include Wichita. Rep. Todd Tiahrt, R-Kan., said he talked with Stonecipher by phone and was told that the CEO had “not seen, reviewed or approved any plans to sell or close the Boeing Wichita facility.” He was responding to news reports that said company documents recommend Boeing facilities in Wichita be sold and that the work be outsourced or consolidated in other facilities. The company had steadfastly refused to speak to the media about the reports.
Amazon.com on Tuesday reported sharply higher profits in its fourth quarter, boosted by holiday sales and favorable currency exchange rates, and reported its first-ever annual profit. The Internet retailing giant said net income for the quarter ended Dec. 31 was $73.2 million, or 17 cents a share, far better than the $2.7 million, or 1 cent a share, in the fourth quarter of 2002. The results for the three-month period included a $4 million benefit for favorable foreign exchange rates. Sales for the three-month period were nearly $1.95 billion, up 36 percent from $1.43 billion a year earlier. For the most recent quarter, the company said its net sales benefited by $98 million from fluctuations in foreign currency rates, as compared to a year earlier.
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