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Wal-Mart CEO peaks to governors Sunday, Mar 5, 2006 By Roby Brock One week ago, Wal-Mart CEO Lee Scott told the National Governors Association that he needed help to make health care more affordable and accessible for the retail giant's 1.3 million U.S. employees because the company "can't do it alone." Scott said Wal-Mart would extend the company's health care coverage to children of employees, reduce wait time for enrolling in its plans, and expand a pilot program of in-store health clinics. He also asked for cooperation between government and industry in addressing health care system reforms. South of the border Mexican retail powerhouse Wal-Mart de Mexico, also known as Walmex, says it will expand into at least 20 new cities this year under a $1.14 billion investment plan. The announcement includes opening 120 new stores and modernizing 150 existing locations. Retail sales show mixed bag Wal-Mart's same store sales rose 3.2 percent in February, exceeding its forecast of 1 to 3 percent. The retail giant reported over $25 billion in total sales for February, a 12 percent gain over the previous year. Wal-Mart also expects March sales growth in the range of 1 percent to 3 percent at its U.S. stores open at least a year. Little Rock-based Dillard's was on the unenviable end of the retail sales trend. Dillard's February sales were $644.4 million, compared to $653.5 million one year ago. Total sales decreased 1 percent during the month, while same-store sales dipped 2 percent. Dillard's had shown increased sales in recent months. Dillard's reports quarterly earnings Dillard's reported lower quarterly profits as it cut prices to drive sales. Dillard's reported net income of $98.5 million in the fourth quarter that ended on Jan. 28, down from $108.6 million in the same period a year earlier. Dillard's same-store sales increased 2 percent for the 13 weeks ended Jan. 28, compared to the previous year's quarter. Overall revenues rose 1 percent for the quarter to $2.39 billion. For the full fiscal year, Dillard's profits rose 3 percent over the previous year to $121.5 million. Net sales rose for the year to $7.56 billion. The upscale retailer plans to open eight stores in 2006, including two in Arkansas. Dillard's will open its Turtle Creek at the Mall store in Jonesboro later this month. It plans to open its Rogers store at Pinnacle Hills Promenade in October. Car-Mart sees improved quarter After several shaky quarters partially due to last year's hurricanes, America's Car-Mart reported improved operating results for its third fiscal quarter ended Jan. 31. For the quarter, Car-Mart's revenues increased 21 percent to $58.2 million compared with $48.2 million in the same period of the prior year. Net income for the quarter increased 3 percent to $4.5 million versus $4.3 million in the same period last year. Simmons dividend declared Simmons First National Corp.'s board of directors declared a regular 16 cents per share quarterly cash dividend payable April 3, to shareholders of record March 15. Simmons also announced promotions in three of its top executive posts. First Federal declares dividend Harrison-based First Federal Bancshares of Arkansas announced it will pay a 14 cents per share dividend on March 27 to shareholders of record as of March 13. The latest dividend marks a 1 cent increase from the dividend paid at the same time in 2005. It is First Federal's 37th consecutive quarterly dividend paid. Alltel extends Austrian negotiations Concerns from European regulators delayed talks between Alltel and Deutsche Telekom over the $1.6 billion sale of Alltel's Austrian mobile phone unit, Tele.ring. The two parties agreed to extend negotiations until May 15 in order to close the deal. Four make Fortune list What do J.B. Hunt, Arkansas Best, Wal-Mart and Tyson Foods have in common? They've once again been named to Fortune Magazine's List of America's Most Admired Companies. General Electric topped this year's list. According to the March 6 issue of Fortune, 10,000 executives, directors and analysts rated companies by industry groups. J.B. Hunt ranked second overall within its respective industry category, while Arkansas Best ranked fifth among trucking firms. Tyson Foods ranked fifth in the food production category. Wal-Mart ranked third behind Nordstrom and Target in the general merchandise sector. Jobless rate declines dramatically Arkansas' jobless rate declined nine-tenths of a percentage point from December to January, according to state workforce officials who gave little explanation for the dramatic drop. Arkansas' January unemployment rate stood at 3.8 percent compared to December's 4.7 percent. One year ago, unemployment in Arkansas was 5.1 percent. The U.S. jobless rate fell two-tenths to 5.2 percent. Most economists expect the state numbers to be revised upward as more data becomes available. FedEx Freight to expand Harrison plant FedEx Freight says that expansion plans for a 92,000 square feet addition to its headquarters in Harrison will be submitted to the city's planning board by the end of April. The addition could create as many as 600 new jobs over the next three to five years. FedEx's Harrison location currently employs about 1,300 workers. Forrest City hospital bought Last Wednesday, Tennessee-based Community Health Systems acquired Baptist Memorial Hospital in Forrest City, a 118-bed acute care facility. The hospital will be leased from its owner, St. Francis County, and certain other assets are being acquired from Baptist Memorial Health Care Corp. of Memphis, former operator of the facility. Community Health Systems will rename the hospital "Forrest City Medical Center." Metal recycler nabs new assets Metal Management, one of the nation's largest full-service scrap metal recyclers, is acquiring privately held Morris Recycling, a scrap metal recycler serving Mississippi and portions of Arkansas, Tennessee and Alabama. Terms of the transaction were not disclosed. Morris Recycling has 10 locations in the states it serves. Metal Management has approximately 50 recycling facilities in 16 states. UALR gets new business dean UALR announced that Dr. Hugh Sherman, associate dean for operations and strategy for the College of Business at Ohio University, has accepted an appointment as dean of UALR's College of Business. Sherman officially starts his new post at UALR on July 1. ------- Roby Brock, a freelance journalist based in Little Rock, writes weekly for the Arkansas News Bureau. His weekly television program airs at 10 p.m. Sundays in Central and Northwest Arkansas. His e-mail address is roby@talkbusiness.net; his Web site address is www.talkbusiness.net. |
