Reported by Star-Bulletin staff & wire
Thursday, November 4, 1999
Retail sales by check rise 5.5% in Hawaii
Retail sales in Hawaii by check were up 5.5 percent in October, compared with a year earlier, according to TeleCheck Services Inc.'s monthly survey.That was the highest percentage increase among Western states, with California up 3.4 percent.
Purchases by check were up 3.7 percent nationally compared with the previous October, said TeleCheck, a leading check-acceptance business.
TeleCheck says purchases by check account for about 37 percent of all retail spending.
Kmart expects lower quarterly earnings
TROY, Mich. -- Kmart Corp., the second-largest U.S. discount chain, said it expects fiscal third-quarter earnings will be only "slightly over" last year's results because of slow sales last month.Kmart, which competes with larger rival Wal-Mart Stores Inc. and Dayton Hudson Corp.'s Target discount chain, is forecast to earn 10 cents a share in the quarter ended Oct. 27, according to the average estimate of analysts polled by First Call Corp. It earned 8 cents a year earlier.
Starwood reports drop in profits
WHITE PLAINS, N.Y. -- Starwood Hotels & Resorts Worldwide Inc., the world's largest hotel owner, said third-quarter profit fell 6.3 percent as expenses rose, including costs related to a share repurchase program.Net income fell to $74 million, or 38 cents a share, from $79 million, or 37 cents, in the year-ago quarter. The average number of shares outstanding decreased 7.6 percent because of the buyback. Results for each period are stated on a pro forma basis. Revenue rose 8.1 percent to $956 million from $884 million.
Chief Executive Barry Sternlicht turned Starwood into the world's biggest hotel owner last year with his acquisitions of Westin Hotels LP and ITT Corp., owner of the Sheraton hotels, Caesars World casinos and well-known luxury hotels such as the St. Regis in New York. His strategy now is to boost profits at the hotels he bought through a series of renovations.