By Roby Brock
Overall sales rose 1.1 percent and same-store sales in the U.S. decreased 0.4 percent, but Wal-Mart Stores still saw a strong increase in profits and it boosted its guidance for the remainder of the fiscal year.
Wal-Mart’s third-quarter profits rose to $3.2 billion on sales of $98.67 billion. One year ago, the Bentonville-based retail giant posted net income of $3.0 billion on sales of $97.6 billion. The company boosted its earnings target for the year, this time to $3.57 to $3.61 a share from August’s view of $3.50 to $3.60.
CEO Mike Duke said the company gained market share in the U.S., the U.K., and Mexico despite a difficult sales environment during the quarter.
Windstream profits lower
Windstream Corp. announced lower earnings and revenue in its recent third quarter. The Little Rock-based landline and broadband provider reported third-quarter net income of $80 million compared to $105.9 million one year ago.
Revenue for Windstream declined 8 percent to $734.3 million during the third quarter versus $794.1 million in the third quarter of 2008.
Games of skill weather lottery start-up
Despite the start of the Arkansas lottery, gamblers at Oaklawn and Southland increased their wagering, spending more than $67.8 million in October.
For the month, Oaklawn electronic games of skill (EGS) wagers jumped 7 percent from the previous month and 53 percent in a year-over-year monthly comparison.
In West Memphis, Southland EGS numbers rose 14 percent in October versus the previous month. In a year-over-year comparison, October EGS wagers increased 28 percent.
October was the first full month for lottery ticket sales in Arkansas. More than $39 million was spent on lottery tickets from Sept. 28 through the end of October, according to the state lottery commission.
Study moves four Arkansas metro areas up in rankings
According to a new Milken Institute study, four metropolitan areas in Arkansas have moved up in the best cities’ rankings among all U.S. metropolitan areas.
The study aims to provide an objective scorecard on the economic vibrancy of metropolitan areas across the nation. The Best Performing Cities report examines job creation and retention, the quality of jobs being produced, and overall economic performance.
In Arkansas, the Little Rock-North Little Rock-Conway metropolitan statistical area (MSA) moved from 54th in 2008 to 23rd in 2009.
Fayetteville-Springdale-Rogers jumped from 57th one year ago to 27th this year. The Fort Smith MSA rose from 69th to 62nd. Among small city metro areas, Texarkana leaped from 81st to 17th. The Memphis metro area declined from 144th in 2008 to 178th in 2009.
UAMS rescinds pay raises to 3,300
UAMS will rescind pay raises to about 3,300 employees in the current fiscal year, a move officials said would avoid laying off employees.
In a letter to employees, Richard Pierson, director of UAMS’ medical center, said non-classified medical center employees would receive no merit increases this fiscal year because of declining revenue.
Employees who have already received raises will see their pay revert to what it was before the fiscal year began July 1 but will not be asked to return money they have already received.
Union workers ratify AT&T agreement
AT&T announced that core wireline employees in its southwest region have voted to ratify a four-year agreement with the Communications Workers of America (CWA).
The agreement covers about 26,000 CWA union members in Arkansas, Kansas, Missouri, Oklahoma and Texas. The two sides agreed to a 3 percent general wage increase for the next two years and a 2.75 percent wage increase for the two years following.
AT&T agreed to pay 100 percent of all preventive health care expenses for union employees; however, employees will have to pay monthly contributions for health insurance starting in 2011. Employees will have to pay $30 per family per month in health insurance premiums starting in 2011 and the amount will rise to $75 per family per month by 2013.
Beebe expands work force initiative
Gov. Mike Beebe announced an expansion of Arkansas Works, his strategic initiative to coordinate education, training and economic development in Arkansas communities. The expansion focuses on providing unemployed and underemployed Arkansans with career training and educational opportunities.
The crux of the expansion centers around an online information resource — the College and Career Planning System — which aims to match Arkansans with jobs that fit their interests and help businesses find qualified candidates to meet workforce needs.
In addition, up to $8,000 in financial aid may be available to some workers to help pay for career training and education.
Peabody hotel receives four-star rating
Forbes Travel Guide, formerly Mobil Travel Guide, has named The Peabody Little Rock as Arkansas’ first four-star hotel. Mobil Travel Guide was recently purchased by Forbes Media, which issued the 2010 Star awards.
Tourism officials say the four-star status will be a major recruiting tool for Arkansas.
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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.
