EARNINGS
Other earnings, excluding one-time gains and charges unless noted:
* Home improvement retailer Lowe’s Cos. said its earnings jumped a better-than-expected 48% in the fiscal fourth quarter to $106.2 million, or 30 cents a share, 3 cents higher than forecasts. Sales at stores open at least a year grew 8.2%, and total revenue jumped 22% to $2.92 billion.
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Nordstrom Inc. said fiscal fourth-quarter profit rose 13% to $66.5 million, or 47 cents a share, meeting estimates, as the retailer reduced inventory and operating costs. Revenue edged down 0.6% to $1.44 billion, and same-store sales dropped 5.4%.
*
Citing negative market conditions, Los Angeles-based subprime lender Aames Financial Corp. reported a fiscal second-quarter net loss of $195.7 million, or $6.31, compared to net income of $9.2 million, or 33 cents, a year ago.
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Barnes & Noble Inc. said its year-end retail sales rose 8% to a record $3 billion, but the largest U.S. bookseller’s consolidated year-end earnings per share are still expected to fall short of Wall Street estimates. The New York-based company said it expected to post year-end earnings per share of 76 cents, excluding a 53-cents-per-share gain from German media group Bertelsmann’s investment for a 50% stake in Barnes & Noble’s online venture. Wall Street had expected the company to earn 80 cents per share for the year. Barnes & Noble did not say what it expected to earn in the fourth quarter, but Wall Street had forecast the book retailer would post a profit of 98 cents per share after three previous quarters of losses.
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Newport News Shipbuilding Inc. won clearance from the Justice Department for its proposed purchase of shipyard Avondale Industries Inc. for $519 million in stock and debt. The Pentagon gave its authorization Friday and said it’s also reviewing an unsolicited $1.35-billion cash offer for Newport News Shipbuilding by General Dynamics Corp.
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Canandaigua Brands Inc., the second-largest U.S. wine producer, agreed to buy eight Canadian whiskey brands and related assets from London-based Diageo for about $185.5 million. Canandaigua, which markets Corona beer and wines such as Almaden and Inglenook, said it will buy brands including Triple Crown and Black Velvet, the No. 3 Canadian whiskey in the U.S.
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