August 12, 2008 in City

Sliver of hope from retailers

 

Amid the pile of downbeat sales reports for July from retailers, there was a sliver of hope: Second-quarter profits may not be as bad as expected when merchants such as Wal-Mart Stores Inc., Macy’s Inc. and J.C. Penney Co. post results starting this week.

Several companies raised their outlooks last week – with help from strict inventory controls and slashing expenses – even as they reported sales declines in July at established stores. Still, retailers overall are expected to report a fifth consecutive drop in quarterly earnings.

NEW YORK

Tiffany appeals ruling on eBay

Tiffany & Co. has challenged a federal ruling that largely absolved eBay Inc. of policing its auction site for counterfeit items, saying the judge was wrong to leave the primary burden with the jewelry maker.

Monday’s appeal with the 2nd U.S. Circuit Court of Appeals in New York extends a case that Tiffany filed against eBay in 2004, arguing that most items listed for sale on eBay as genuine Tiffany products were fakes.

DETROIT

Survey finds high hybrid loyalty

Hybrid car owners are some of the most loyal in the U.S. market, with nearly half purchasing a vehicle of the same make when they buy another car, according to a study released Monday by an automotive data company.

Forty-seven percent of hybrid buyers buy a vehicle of the same make, compared with 35 percent of buyers overall, according to Experian Automotive. Eighteen percent of hybrid car buyers even buy the same model, compared with 12 percent overall.

TRAVERSE CITY, Mich.

Chrysler to push four-day week

Chrysler LLC soon will begin talks with the United Auto Workers union about moving some plants to a four-day workweek of 10-hour days instead of the current five-day weeks, a spokesman said Monday.

Ed Saenz said the company will broker the idea of switching from five eight-hour days to union leaders at 12 U.S. factories that are not on overtime. The change would allow the company to shut down parts of the plants for three full days, bringing a significant savings, Saenz said.

From wire reports


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