U.S. retail sales fell 0.4 percent in March
WASHINGTON >> Sales at U.S. retailers fell in March from February, indicating that higher taxes and weak hiring likely made some consumers more cautious about spending.
Retail sales declined a seasonally adjusted 0.4 percent last month, the Commerce Department said Friday. That followed a 1 percent gain in February and a 0.1 percent decline in January. Both February and January figures were revised lower.
Consumers cut back across a wide range of categories last month. Sales at auto dealers dropped 0.6 percent. Gas station sales dropped 2.2 percent, partly reflecting lower prices. The retail figures aren’t adjusted for price changes.
Hawaii bankers seek Foodbank donations
The Hawaii Bankers Association will launch its sixth annual food drive Monday on behalf of Hawaii Foodbank.
The association seeks donations of nonperishable food items and cash, which can be made at nearly 300 bank branches across the state from Monday through May 31.
HBA has collected increasing donations in each year of its effort, and hopes to top last year’s collection of 27,400 pounds of food and $36,000 in cash.
"We are ready to build on that momentum this year to supplement an ever-increasing need to feed Hawaii’s hungry," said Edward Y.W. Pei, HBA executive director.
The Hawaii Foodbank collects, warehouses and distributes mass quantities of food to 250 member agencies as well as to food banks on Hawaii island, Maui and Kauai. It can turn a $10 donation into food for 25 meals.
HTA seeks marketers for China and Taiwan
The Hawaii Tourism Authority has put out a request for information (RFI) for parties interested in participating in the upcoming procurement for destination marketing management services for the China and Taiwan markets.
The RFI is for market research purposes only in preparation for a future procurement solicitation. The information obtained from the respondents will be used to develop a list of interested sources. If a subsequent procurement solicitation is released, the projected date for release is May. The RFI can be downloaded at www.hawaiitourismauthority.org by clicking on the link "Request for Proposals." Responses to the RFI must be submitted no later than May 1. Inquiries should be directed to HTA’s tourism brand manager, Jadie Goo, at HTA’s office in person, by telephone at 973-2255 or via email at jgoo@hawaiitourismauthority.org.
Penney gets reprieve on Martha goods
NEW YORK » J.C. Penney can sell some goods designed by Martha Stewart that were destined for shelves this spring — for now, a New York State Supreme Court judge ruled Friday.
Rival department store chain Macy’s Inc. had sought to bar J.C. Penney Co. from selling some items designed by Martha Stewart under the name JCP Everyday. Macy’s has an exclusive deal with Martha Stewart Living Omnimedia to sell some categories of items under the Martha Stewart name.
The ruling lets Penney sell the items, which are labeled JCP Everyday and don’t carry the Stewart name, until the lawsuit is fully decided. Macy’s said in a statement that it plans to appeal the ruling.
Big banks post record profits, lower revenue
NEW YORK » JPMorgan Chase and Wells Fargo, bellwethers for the banking industry, reported record earnings Friday, but those numbers masked troubling declines in revenue.
Revenue fell slightly at both banks, and the earnings gains came largely from slashing expenses and related measures. JPMorgan socked away less to cover potential lawsuits and released some of the money set aside for bad loans. Wells cut back on office space.
The results show that in an era of sluggish loan demand and increased government regulations, banks must stay lean if they want to boost earnings. The industry has come a long way since the panic of the financial crisis, but the pattern it’s settled into is one of cutting expenses and maintaining revenue rather than turbocharged growth.
For both banks, analysts homed in on a slowdown in the mortgage business. For the past several quarters, the banks have enjoyed a boom in mortgage refinancings as homeowners lined up to take advantage of low interest rates. That pace now appears to be stalling, if not slowing.
At JPMorgan, mortgage applications fell about 8 percent over the quarter to $60.5 million. They were also down about 8 percent at Wells — to $140 million. Compared with a year earlier, applications at JPMorgan were up just 1 percent. For Wells, however, applications were down 25 percent.
JPMorgan Chase’s net income was $6.1 billion, up 34 percent from a year earlier, while revenue slipped 3 percent to $25.8 billion. Wells Fargo’s profit jumped 23 percent to $4.9 billion, but its revenue fell 2 percent to $21.3 billion.
On the Move
Mobi PCS has promoted Daniel “Dan” Richards Jr. to senior marketing manager. He was previously Mobi PCS’ marketing manager.
Aloha Pacific Federal Credit Union has announced that Wallace Y. Watanabe has retired after 40 years. He was the federal credit union’s president and chief executive officer.
Lyon Associates has announced Jiro Sumada as its vice president and senior project manager. Before joining the company, Sumada served as deputy director for the City and County of Honolulu’s Department of Planning and Permitting.
