Key Tronic reports lower fourth-quarter earnings
Spokane-based Key Tronic Corp., a contract manufacturer, reported slightly lower earnings in its fourth quarter. Earnings were $2.6 million compared with $2.7 million in the fourth quarter of fiscal 2007. Earnings per share were 25 cents in 2008 compared with 26 cents a year earlier.
The company, which has operations in Mexico and China, reported fourth-quarter revenue of $57.3 million, compared with $49.2 million in the fourth quarter of 2007.
Second-quarter retail reports show cause for concern
From affluent shoppers at Saks to bargain-hunters at Target, from Home Depot to office supplier Staples, consumers are pulling back and that’s hurting retailers and raising more concerns about how they’ll do the rest of the year.
The latest round of second-quarter reports show more signs of financial stress on shoppers, as Target’s customers stick to necessities and have trouble making their credit card payments.
Saks says it’s seeing its high-end designer consumer cut back, whereas previously it was only the aspirational customers who were the ones retrenching.
GM offers employee discounts to all buyers
General Motors Corp. said Tuesday it will extend employee discounts to everyone on almost all of its 2008 and some 2009 models as it seeks to clear its remaining inventory of 2008 vehicles.
The Detroit automaker said it will offer employee prices on all 2008 vehicles except its medium-duty trucks. It will also extend the incentive on a handful of 2009 models.
Employee discounts generally are 10 percent below the invoice price but vary by model. The discount comes at a time when GM, the largest U.S. automaker, is struggling with a rapid shift in demand away from its traditionally popular trucks and SUVs.
From staff and wire reports