Nordstrom’s earnings drop
NEW YORK – Nordstrom is reporting an 11 percent decline in second-quarter net income, as results were affected by the timing of the biggest sale of the year.
But the Seattle-based upscale retailer is also increasing its full-year earnings guidance and accelerating growth plans for its Rack chain.
Nordstrom Inc. said Thursday it earned $156 million, or 75 cents per share, for the quarter ended July 28. That compares with $175 million, or 80 cents per share, in the year-ago period.
Sales excluding credit card revenue rose 7.4 percent to $2.92 billion. Revenue at stores opened at least a year rose 4.5 percent. The measure is key metric of a retailer’s health because it excludes the impact of stores that have opened or closed in the past year.
Analysts surveyed by FactSet had expected 74 cents per share on revenue of $2.96 billion, on average.
KHQ anchor takes new post
Dave Cotton, a longtime morning anchor at KHQ-TV who became the station’s first “interactive” anchor, has been named KHQ’s digital sales manager.
Cotton currently runs KHQ’s online NewsBreaks that air on KHQ.com three times a day. The station also operates SWXrightnow.com, is active on social media and has a mobile news app.
“Dave’s advantage is that he’s spent decades as a content creator. He knows what people want,” KHQ President and General Manager Patricia McRae said in a news release. “Who better to bridge the gap between broadcast and online sales solutions?”
Cotton begins his new job on Aug. 27. NewsBreak will be anchored by other KHQ anchors, reporters and producers, at least initially, McRae said.
GM seeks electric car gains
DETROIT – A small battery company backed by General Motors is working on breakthrough technology that could power an electric car 100 or even 200 miles on a single charge in the next two to four years, GM’s CEO said Thursday.
Speaking at an employee meeting, CEO Dan Akerson said the company, Newark, Calif.-based Envia Systems, has made a huge breakthrough in the amount of energy a lithium-ion battery can hold. GM is sure that the battery will be able to take a car 100 miles within a couple of years, he said. It could be double that with some luck, he said.
GM’s current electric car, the Chevrolet Volt, goes about 35 miles on a charge and has a small gas motor that generates power to keep the car going after that. Few competitors have electric cars with more than 100 miles of range.
Blackberry decision reversed
TORONTO – A U.S. judge has overturned a multimillion-dollar patent-infringement verdict against BlackBerry maker Research In Motion.
The judge determined that Mformation Technologies Inc., which makes software for managing mobile devices, failed to show that RIM infringed on a key patent in question.
A federal jury in San Francisco had awarded Mformation $147.2 million last month based on an infringement finding.
Mortgage rates slowly rise
WASHINGTON – Average U.S. rates on fixed mortgages rose for the second straight week.
Mortgage buyer Freddie Mac says the rate on the 30-year loan increased to 3.59 percent, up from 3.55 percent last week. Two weeks ago, the rate fell to 3.49 percent, the lowest since long-term mortgages began in the 1950s.
The average rate on the 15-year fixed mortgage, a popular refinancing option, rose to 2.84 percent. That’s up from 2.83 percent last week and a record low of 2.80 percent the previous week.