Business Briefing

TELECOM

FCC seeks wireless spectrum

Federal regulators are hoping to find more wireless spectrum for mobile broadband services by reallocating some airwaves now assigned to television broadcasters and others.

Under a long-awaited proposal outlined by the Federal Communications Commission, broadcasters and other existing spectrum holders would voluntarily give back some spectrum and share in proceeds raised by government auctions of those airwaves to wireless companies.

Wireless carriers have been clamoring for more spectrum as their customers increasingly check e-mail, update Facebook and watch video on the go. Broadband services are already choking in some markets, and next-generation services will tax wireless networks even more.

EARNINGS

Profit surges at Limited Brands

Victoria’s Secret parent Limited Brands Inc. reported a sharp rise in profit in the fourth quarter ended Jan. 30 as the Columbus, Ohio, retailer benefited from cost-cutting and tight inventory controls.

Limited said it earned $356.1 million, or $1.08 a share, up from $16.1 million, or 5 cents, a year earlier.

Revenue increased to $3.06 billion from $3 billion a year earlier. Sales at stores open at least a year rose 1%.

Discounter TJX plans to expand

Discount retailer TJX Cos. unveiled ambitious plans to expand, saying the company beloved by bargain hunters could ultimately double in size.

The announcement came after the owner of T.J. Maxx and Marshalls said its sales rose more than 10% in the fourth quarter as new shoppers flocked to stores. Combined with efforts to cut costs, the Framingham, Mass., firm’s profit rose 58%.

For the quarter, TJX posted earnings of $395 million, or 94 cents a share. Sales grew to $5.94 billion.

Saks reports narrower loss

Luxury retailer Saks Inc. is counting on exclusive merchandise and an emphasis on lower prices this year to drive sales increases after reporting a slimmer loss in the fourth quarter, helped by fewer clearance sales.

Saks said it lost $4.61 million, or 3 cents a share, compared with a loss of $99.74 million, or 72 cents, a year earlier. Revenue fell 3.4% to $811.3 million.

The New York company plans to add three to five Off Fifth stores per year.

ENERGY

Sempra to buy Mexican assets

Sempra Energy, owner of the largest U.S. natural-gas utility, agreed to buy El Paso Corp.’s Mexican pipeline assets for $300 million in a bet on rising fuel-shipping demand in Sonora state.

The purchase includes the seven-mile Agua Prieta pipeline and the Naco compressor station that ship gas from the U.S. border to a Mexican power plant. Sempra also is getting El Paso’s 50% stake in a joint venture with Mexico’s state oil company that has two gas pipelines and a propane system.

ADVERTISING

U.S. spending drops 9% in ’09

U.S. advertising spending declined 9% to $117 billion last year, according to Nielsen Co.

The drop in ad sales moderated in the fourth quarter, with revenue declining slightly more than 2%.

-- times wire reports