MILWAUKEE -- Kohl's Corp. reported Thursday its first-quarter profit fell nearly 27 percent as consumers continued to pull back their spending.
The Menomonee Falls, Wis.-based department store chain said it earned $153 million, or 49 cents per share, during the quarter that ended May 3. By comparison, Kohl's earned $209 million, or 64 cents per share, during the same period a year ago.
Analysts surveyed by Thomson Financial, on average, expected earnings of 44 cents per share.
J.C. Penney profit falls 50 percent
PLANO, Texas -- J.C. Penney reported first-quarter profits had been halved and on Thursday predicted "difficult" conditions for the entire year as consumers pull back on spending.
Net income fell to $120 million, or 54 cents per share, from $238 million, or $1.04 per share, a year ago, the Plano, Texas-based retailer said. Total sales fell 5 percent to $4.13 billion from $4.35 billion.
In April, the retailer released details from its strategy to ride out a tough period for the entire sector.
J.C. Penney said it would reduce store openings and renovation plans, while trying to cut expenses.
MTR Gaming names Hughes CFO
CHESTER, W.Va. -- David R. Hughes has been named chief financial officer and executive vice president of MTR Gaming Group Inc.
Hughes joined the company as chief operating officer in 2003. Last year, he became executive vice president of strategic operations.
Hughes has 24 years in the industry and is a former CFO of Penn National Gaming Inc.'s Charles Town Races & Slots.
He's also worked at Resorts Hotel and Casino, Mohegan Sun Casino, Trump Plaza Hotel and Casino and the Sands Hotel and Casino.
MTR is the parent of Mountaineer Casino, Racetrack & Resort in Chester and Pennsylvania's Presque Isle Downs & Casino. It also has properties in Michigan, Minnesota and Ohio.
Lockheed wins $3.57B GPS contract
WASHINGTON -- Lockheed Martin Corp. beat out Boeing Co. to win an Air Force contract worth up to $3.57 billion to build as many as 12 next-generation global positioning satellites, the Pentagon said Thursday. The deal is the first of three awards to supply a total of 32 satellites for the Pentagon's new GPS III system.
Pentagon officials declined to comment on the total value of all three awards together, but did say they hope to work with the same contractor on all 32 satellites.
The military relies on GPS systems to provide precision timing and navigation signals used to help pilot aircraft, guide bombs and missiles, direct troops, map battlefields, conduct minesweeps and perform other operations critical to modern warfare. GPS technology also provides the backbone for a number of consumer services, including car navigation systems and automatic teller machines.
The first GPS III satellites are scheduled for launch in 2014, with all 32 satellites in orbit by 2022. The new GPS III network will have a more powerful military signal resistant to enemy jamming and a stronger commercial signal.
It will also feature a cross-linked command and control system that will allow simultaneous upgrades of the entire GPS constellation from a single ground station and will be interoperable with Europe's Galileo GPS system.
Boeing and Lockheed both already hold satellite contracts for the military's existing GPS II constellation, but Boeing's part of that program has suffered technical problems, delays and cost increases. Those troubles may have contributed to its loss in the GPS III contest, Thompson believes.
Shares of Lockheed Martin, based in Bethesda, Md., rose 35 cents to close at $109.06 before the announcement. They gained 58 cents in after-hours trading.
Shares of Chicago-based Boeing fell 14 cents to $85.55 and were unchanged after-hours.
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