NEW YORK >> Target easily beat first-quarter profit expectations, but slowing sales for the retailer created some unease.
Target’s weak store sales and its expectations for this quarter, released Wednesday, pushed shares down sharply and shares of almost every retailer followed suit in what is shaping up to be a miserable year for the sector.
Target CEO Brian Cornell blamed the cold and wet spring for weakening sales. And he said shoppers also remained cautious about spending money. They still came to Target to stock up on goods, but made fewer quick trips.
Lowe’s profits surge, bucking retail trend
NEW YORK >> Lowe’s on Wednesday reported surging first-quarter profits as key sales metrics jumped in the midst of a strong recovery in the U.S. housing market.
The company boosted its outlook for the year, as did its rival, Home Depot on Tuesday. Home improvement stores continue to distance themselves from a retail sector that can’t seem to get shoppers through the door, or to spend much money when they do.
Lowe’s profit jumped 31.4 percent to $884 million, or 98 cents per share. Earnings, adjusted for non-recurring gains, were 87 cents per share, topping market forecasts. Revenue rose 7.8 percent to $15.23 billion, also beating analyst expectations.
Regulators fine Raymond James $17M
WASHINGTON >> Industry regulators have fined Raymond James $17 million, accusing the financial services firm of widespread failures in its controls against money laundering.
The Financial Industry Regulatory Authority said Wednesday it was the biggest fine it has imposed related to deficiencies in anti-money laundering programs. FINRA said that Raymond James failed over several years to detect suspicious activity in client investment accounts and to report it to government authorities.
The brokerage industry’s self-policing organization said the firm’s failure was especially serious because it already had been censured and fined in 2012 for the same problems.
Report looks into auto title lending field
NEW YORK >> People who put their cars up as collateral for what are supposed to be short-term emergency loans are being hit with interest rates of 300 percent, a high rate of repossession and long repayment periods.
That’s according to a study by the Consumer Financial Protection Bureau released Wednesday. The report is the first by federal regulators to look at the auto title lending industry, which has grown significantly since the recession but remains banned in half the country. The results could lead to additional regulations on the industry.
117M LinkedIn passwords compromised
NEW YORK >> LinkedIn says a 2012 breach resulted in more than 100 million of its users’ passwords being compromised — vastly more than previously thought.
The business social network confirmed Wednesday a purported hacker’s claim that 117 million passwords were stolen in the breach. It previously said 6.5 million user passwords were compromised.
LinkedIn says it’s working to determine just how many of the passwords in question are still being used three years after the breach and is in the process of resetting them.
On the Move
>> Loryn Guiffre has been named marketing manager for Hawaii’s first Saks Fifth Avenue, which will open Aug. 25 at Waikiki’s International Market Place in Honolulu. Her responsibilities include being a liaison between the Waikiki store and the corporate marketing team, supporting the creation and execution of a strategic local marketing program, and maximizing exposure for Saks Fifth Avenue. She was previously a vice president of marketing at the Hawaii Group and served as director of marketing and communications at Maryknoll School.
District 49 Toastmasters has announced the following:
>> Ashllyn Melo-Pang won first place at the Table Topics Speech Contest that was held at the Toastmasters 2016 Spring Conference on Saturday. She is a Hawaii Pacific University student and a member of the Polygot Toastmasters Chapter, located at HPU.
>> No Ka Oi Club won the Toastmasters International Video Brand Contest in April. There are 22 members in the club, which is located in Kahului, Maui. Toastmaster member ReGina Norlinde, vice president of public relations of No Ka Oi Club, inspired the members, did the research and taped the video that helped the club win the monthly contest, which was entered by the top nine other Toastmasters clubs worldwide.
