| Posted in | Posted on
BURBERRY
Luxury Retailer Reports
Strong Quarterly Sales
Burberry PLC reported strong end-of-year sales but hesitated to declare an end to the retailing downturn, a sign that the luxury-goods industry is still treading lightly after the worst recession in decades.
The U.K.-based luxury retailer, known for its upmarket trench coats and iconic checked designs, announced a 10% jump in same-store sales for its fiscal third quarter ended Dec. 31, beating analysts' forecasts of a 3% increase.
Total sales for the period, adjusted to strip out the effects of currency fluctuations, rose 12% to GBP 380 million ($620.8 million). Burberry Chief Executive Angela Ahrendts expects the company's pretax profit for the financial year to be near the top of expectations.
-- Paul Sonne
---
SABMILLER
Brewer's Lager Volumes
Were Steady in Quarter
Brewer SABMiller PLC said lager volumes were unchanged for its fiscal third quarter, but soft-drink volumes rose 2% from a year earlier, as the slight recovery seen in some of the company's markets was offset by other markets that remained subdued.
On a nine-month basis, the world's second-biggest brewer by volume after Anheuser-Busch Inbev NV said lager volumes were 1% lower than a year earlier.
-- Vladimir Guevarra
---
CSX
Railroad's Profit Jumps
As Volume Drop Slows
CSX Corp. reported its fourth-quarter profit rose 24% from a year earlier -- when the railroad recorded losses from discontinued operations -- as volume continued to fall but at the year's slowest rate of decline.
For the quarter, the third-largest U.S. railroad by revenue posted a profit of $305 million, or 77 cents a share, compared with $247 million, or 63 cents a share, a year earlier, when earnings from continuing operations were 92 cents.
Revenue fell 13% to $2.3 billion, amid a 7% decline in volumes, which was the best year-to-year volume results in 2009.
-- John Kell and Kathy Shwiff
---
SIRIUS XM RADIO
Free Cash Flow for 2009
Exceeds $100 Million
Sirius XM Radio Inc. put its free cash flow at over $100 million for 2009, and the satellite-radio company said its subscribers rose by 257,028 in the fourth quarter to a total 18.8 million.
"This is the first year in our history that we have generated positive free cash flow for the entire year," CEO Mel Karmazin said.
The conversion rate to self-pay subscriptions from trials included with automobile sales rose to 46.4% from 44.2% a year earlier.
Sirius XM shares rose 10% to 74 cents in after-hours trading.
-- Jay Miller
---
RESEARCH IN MOTION
BlackBerry Maker Files
For Web Browser Patent
Research In Motion Ltd. has filed a patent application to improve network-browsing speed on a hand-held device.
The application, filed in September by RIM and disclosed last week on the U.S. Patent and Trademark Office's Web site, involves the use of a proxy server on a hand-held device to compress and decompress data transmitted over a wireless network.
RIM, maker of the BlackBerry, is in a heated battle in the burgeoning smart-phone market with rivals that include Apple Inc.'s iPhone.
RIM declined to comment.
-- Stuart Weinberg
---
INTERPUBLIC GROUP
Advertising Giant Names
Chief for Digital Unit
Interpublic Group of Cos. has named Matt Freeman chief executive of Mediabrands Ventures, an umbrella company that houses many of Interpublic's digital and new technology firms.
Mr. Freeman, 40 years old, is a well-known ad executive who most recently was chief executive of Betawave, an ad network that sells ad space for Web sites. In the newly created position at Mediabrands Ventures, which includes mobile marketing firm Ansible and online search firm Reprise Media, he will be charged with expanding the firms and pushing them into new markets.
