Perry ups ownership stake in J.C. Penney to 8.6 percent

n">(Reuters) - Hedge fund manager Richard Perry, already a big owner in J.C. Penney Co Inc (JCP.N), bought additional shares in the retailer on Friday, according to a regulatory filing made just days after the largest investor announced plans to sell his stake.

Perry Corp said it bought an additional 3 million shares of Plano, Texas-based Penney in a secondary offering for $12.90 a share and that it now owns 8.62 percent of the company.

Perry now ranks as Penney's second-largest investor after George Soros. Perry Corp did not immediately return a call seeking comment.

The announcement comes four days after William Ackman, whose Pershing Square Capital Management had been the largest shareholder, said he was exiting his entire 18 percent stake. Citigroup Inc (C.N) was offering the shares in the secondary market at $12.90 in a deal scheduled to close on Friday, Ackman said on Monday.

Penney shares were flat at $12.40 on Friday afternoon, having tumbled 37.3 percent since January as the company struggles to attract new customers after former chief executive Ron Johnson alienated many shoppers with plans to upgrade merchandise and streamline pricing strategies.

(Reporting by Svea Herbst-Bayliss in Boston; editing by Matthew Lewis)

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Express second-quarter profit rises 7 percent

n">(Reuters) - Apparel and accessories retailer Express Inc (EXPR.N) reported a 7 percent increase in quarterly profit as it attracted more customers.

Net income for the quarter ended August 3 rose to $16.9 million, or 20 cents per share, from $15.8 million, or 18 cents per share, a year earlier.

Revenue rose 7 percent to $486.2 million.

Same-store sales, which include e-commerce sales, increased 6 percent.

(Reporting by Maria Ajit Thomas and Aditi Shrivastava in Bangalore; Editing by Saumyadeb Chakrabarty)

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Departed P&G CEO made five percent more last year as bonus rose

By Jessica Wohl

Fri Aug 23, 2013 8:26am EDT

n">(Reuters) - Procter & Gamble Co (PG.N) said on Friday it paid Bob McDonald, the former chairman, president and chief executive who abruptly left last spring, nearly 5 percent more last year as the company's performance improved.

McDonald was replaced in P&G's top spot on May 23 by his predecessor, A.G. Lafley. While McDonald's departure was termed a retirement, many saw the change as confirmation that his tenure was a disappointment and that the world's largest household products maker needed Lafley to reassure investors and employees.

McDonald earned a $3.3 million bonus in fiscal 2013, up from $2.4 million a year earlier, when P&G started a major restructuring.

Lafley earned almost $2 million as he took the helm for the last few weeks of the fiscal year, including salary, bonus and cash instead of stock and option awards, according to the P&G proxy filing.

In the fiscal year that ended in June, largely overseen by McDonald, P&G started to rebound with gains in market share.

The company met or exceeded targets that are factored into executives' compensation. Fiscal 2013 core earnings per share rose 5 percent, exceeding the company's forecast of a decline of 1 percent to an increase of 4 percent.

Free cash flow productivity also exceeded its goal, and organic sales rose 3 percent, the midpoint of P&G's forecast of 2 percent to 4 percent. Organic sales exclude the impact of acquisitions, divestitures and foreign exchange.

In fiscal 2012, P&G issued profit warnings and McDonald admitted the company was too slow to react to thriftier shopping habits, create product hits, and expand in fast-growing international markets.

McDonald's salary was flat at $1.6 million and his longer-term compensation was relatively unchanged. Overall, he took home more than $15.9 million, up from nearly $15.2 million the year before.

From May 23 to June 30, Lafley earned $1.94 million. He took home an additional $94,000 for consulting work during the year before he came back as CEO, bringing his total compensation to nearly $2.04 million, P&G said.

(Reporting by Jessica Wohl in Chicago; Editing by Jeffrey Benkoe)

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Disney's ABC TV unit to lay off two percent of workers - source

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Disney's ABC TV unit to lay off two percent of workers - source

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Disney's ABC TV unit to lay off two percent of workers - source

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U.S. August auto sales to rise 12 percent: J.D. Power & LMC

By Bernie Woodall

Thu Aug 22, 2013 11:09am EDT

n">(Reuters) - U.S. auto sales in August are on pace to show a 12 percent rise from last year, market analysts J.D. Power & Associates and LMC Automotive said on Thursday.

Total new vehicle sales should be nearly 1.5 million in August, a 12 percent increase from 2012, which translates to a seasonally adjusted annualized rate of 16 million, J.D. Power and LMC said in a joint statement.

The August annualized monthly sales rate, if realized, would be the highest since November 2007, and if the actual number of vehicles sold reaches nearly 1.5 million, it would be the best sales month since May 2007, they said.

"This strong selling environment is occurring when consumers are spending more on new vehicles than any month on record, which is a further indication of the underlying strength of the sector," said John Humphrey of the automotive practice at J.D. Power.

LMC said it is maintaining its full-year 2013 sales forecast of 15.6 million new vehicles sold, up from 14.5 million last year.

"The U.S. auto recovery seems to be operating on auto pilot, a welcome stage of stability at a higher pace," said Jeff Schuster, senior vice president of forecasting at LMC Automotive.

Schuster said auto sales will continue to remain strong "well into 2014."

North American light-vehicle production through July was up 4 percent from last year as the industry continues to manage a lean supply-to-demand ratio, J.D. Power and LMC said.

Among individual automakers, the highest production growth this year has been made by South Korean sister companies Hyundai Motor Co (005380.KS) and Kia Motors Corp (000270.KS), which are up 14 percent. Almost all of the higher output comes from two Hyundai models, the Elantra sedan and the Santa Fe crossover, the analysts said.

Ford Motor Co (F.N) North American production is up 13 percent this year, largely on more Escape crossover and Explorer SUV output.

General Motors Co (GM.N) production is down 3 percent in the region and output by Fiat-Chrysler (FIA.MI) is relatively flat.

North American production for European brands is down 2 percent through July, according to J.D. Power and LMC.

(Reporting by Bernie Woodall; Editing by Gerald E. McCormick and Eric Beech)

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Disney's ABC TV unit to lay off two percent of workers - source

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The other 80 percent : turning your church's spectators into active disciples / Scott Thumma and Warren Bird.

The other 80 percent : turning your church's spectators into active disciples / Scott Thumma and Warren Bird.San Francisco, Calif. : Jossey-Bass, c2011.

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European car market grew nearly 5 percent in July: Germany's VDA

Matthias Wissmann, president of the German carmaker association VDA, poses for the media before he addresses an annual news conference in Berlin December 2, 2011.

Credit: Reuters/Fabrizio Bensch

FRANKFURT | Fri Aug 16, 2013 7:47am EDT

FRANKFURT (Reuters) - Europe's ailing car market grew in annual terms for only the second time this year in July, supporting hopes of a much-needed stabilization for battered producers in the second half of 2013.

Registrations of new cars in Europe rose 4.8 percent compared to the same month a year ago to 1.02 million vehicles, according to data published on Friday by the German auto industry association VDA.

Second quarter corporate results have also surprised by suggesting some mass-market producer are closer to breaking even in Europe than previously thought. But it is all happening at a very low base - sales are around the lowest in 20 years and overall are set to fall for the fourth year running.

"The positive July result ... is a good start for the stabilization we expect in the second half," VDA President Matthias Wissmann said in a statement.

"The emerging economic recovery in western Europe appears to be reflected in the development of car demand," he said.

He saw hope in double-digit gains in austerity-hit Spain, Portugal and Greece, where sales have roughly halved from peaks before the 2008 financial crisis.

An extra working day in Germany, the region's economic engine of growth, helped lift domestic sales slightly in July over the previous year's month, but Frankfurt-based market researcher Dataforce calculates that volumes there still shrank 2.3 percent when adjusted for this calendar effect.

Wolfsburg-based Volkswagen (VOWG_p.DE) reported sales in its home market dropped 4.1 percent, diluting gains in China and the United States to reduce its global growth to the slowest in four months.

"Conditions in some markets were at times extremely challenging," VW sales chief Christian Klingler said. "The economic climate remains difficult."

Overall VW group sales rose 3.2 percent to 757,700 cars, sport-utility vehicles and light vans. Its seven-month European sales, including luxury brand Audi and sports-car maker Porsche, fell 3.1 percent to 2.16 million autos.

VW withstood most of last year's slump in Europe, the destination of 40 percent of its global deliveries, thanks to growth overseas and a wide range of models from small fuel-efficient vehicles like the Up! city car to ultra-luxury saloons including Bentley's Continental.

By contrast, automakers dependent on European markets such as PSA Peugeot Citroen (PEUP.PA) have been suffering for months from the region's economic crisis, seeking to close factories and lay off staff to counter heavy losses.

Registrations in the first seven months of the year fell 5.2 percent to 7.46 million vehicles, but demand is expected to cease dropping materially as sales rates have started to recover and year-on-year comparisons become easier given the second half of 2012 was weak.

A senior Ford (F.N) executive told Reuters earlier this week that a manufacturers' price war would not let up until sales increase significantly.

(Reporting by Christiaan Hetzner, Andreas Cremer and Maria Sheahan; editing by Patrick Graham)

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European car market grew nearly 5 percent in July: Germany's VDA

Matthias Wissmann, president of the German carmaker association VDA, poses for the media before he addresses an annual news conference in Berlin December 2, 2011.

Credit: Reuters/Fabrizio Bensch

FRANKFURT | Fri Aug 16, 2013 7:47am EDT

FRANKFURT (Reuters) - Europe's ailing car market grew in annual terms for only the second time this year in July, supporting hopes of a much-needed stabilization for battered producers in the second half of 2013.

Registrations of new cars in Europe rose 4.8 percent compared to the same month a year ago to 1.02 million vehicles, according to data published on Friday by the German auto industry association VDA.

Second quarter corporate results have also surprised by suggesting some mass-market producer are closer to breaking even in Europe than previously thought. But it is all happening at a very low base - sales are around the lowest in 20 years and overall are set to fall for the fourth year running.

"The positive July result ... is a good start for the stabilization we expect in the second half," VDA President Matthias Wissmann said in a statement.

"The emerging economic recovery in western Europe appears to be reflected in the development of car demand," he said.

He saw hope in double-digit gains in austerity-hit Spain, Portugal and Greece, where sales have roughly halved from peaks before the 2008 financial crisis.

An extra working day in Germany, the region's economic engine of growth, helped lift domestic sales slightly in July over the previous year's month, but Frankfurt-based market researcher Dataforce calculates that volumes there still shrank 2.3 percent when adjusted for this calendar effect.

Wolfsburg-based Volkswagen (VOWG_p.DE) reported sales in its home market dropped 4.1 percent, diluting gains in China and the United States to reduce its global growth to the slowest in four months.

"Conditions in some markets were at times extremely challenging," VW sales chief Christian Klingler said. "The economic climate remains difficult."

Overall VW group sales rose 3.2 percent to 757,700 cars, sport-utility vehicles and light vans. Its seven-month European sales, including luxury brand Audi and sports-car maker Porsche, fell 3.1 percent to 2.16 million autos.

VW withstood most of last year's slump in Europe, the destination of 40 percent of its global deliveries, thanks to growth overseas and a wide range of models from small fuel-efficient vehicles like the Up! city car to ultra-luxury saloons including Bentley's Continental.

By contrast, automakers dependent on European markets such as PSA Peugeot Citroen (PEUP.PA) have been suffering for months from the region's economic crisis, seeking to close factories and lay off staff to counter heavy losses.

Registrations in the first seven months of the year fell 5.2 percent to 7.46 million vehicles, but demand is expected to cease dropping materially as sales rates have started to recover and year-on-year comparisons become easier given the second half of 2012 was weak.

A senior Ford (F.N) executive told Reuters earlier this week that a manufacturers' price war would not let up until sales increase significantly.

(Reporting by Christiaan Hetzner, Andreas Cremer and Maria Sheahan; editing by Patrick Graham)

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Southwest Airlines' 2Q profit slips 2 percent

DALLAS (AP) — Southwest Airlines got a small break at the fuel pump during the second quarter, and that helped offset flat revenue and higher labor costs.

The airline paid 16 cents a gallon less for fuel than it did a year ago, and that added up to $88 million.

Southwest said Thursday that its quarterly profit fell 6 percent, but the results were still a bit better than analysts expected.

The airline, which carries more passengers in the U.S. than any other, saw a 2 percent drop in revenue per mile. CEO Gary Kelly said that demand was hurt by automatic federal spending cuts that reduced government travel and by higher taxes, but he said third-quarter trends were encouraging.

The company's revenue per mile — a closely watched figure in the industry — has been about 3 percent higher this month than in July 2012, and bookings for August and September "also look solid," he said.

Southwest officials declined to comment Thursday on the investigation into an accident this week at New York's LaGuardia Airport.

The National Transportation Safety Board is trying to determine why the nose gear of a Southwest Boeing 737 collapsed upon landing Monday night, causing the plane to skid off the runway with its nose on the ground. Several passengers and flight attendants were treated for injuries.

Southwest shares fell during morning trading but recovered to finish up 5 cents at $13.81. They have gained 35 percent for the year, about the same as the Arca index of airline stocks.

The stocks have rallied as investors grow more confident about sustained profits in an industry that lost billions last decade. Mergers have reduced competition, the airlines have curtailed flights to push up fares, and they've added revenue from a flock of fees for various services.

Southwest Airlines Co., which owns AirTran Airways, said that second-quarter net income was $224 million, or 31 cents per share, down 2 percent from $228 million, or 30 cents per share, a year ago.

Southwest said that stripping away special items — mostly changes in the value of fuel-hedging bets — it would have earned 38 cents per share in the latest quarter. That's a penny better than analysts surveyed by FactSet were expecting.

Revenue increased less than 1 percent to $4.64 billion. Southwest said that was a second-quarter record, but it fell short of analysts' forecasts of $4.66 billion.

Traffic increased about 3 percent, and the average one-way fare rose less than a buck — to $151.23. The rate of fare increases has slowed from 2011, when airlines raised prices quickly to offset higher fuel costs.

Southwest and AirTran added flights in the quarter, so the average plane was 81.6 percent full, down slightly from 81.9 percent a year earlier. But capacity in June hit a record 85 percent as the summer vacation season hit full stride.

Lower oil prices early in the April-to-June quarter helped Southwest save 6 percent on fuel, its biggest expense, and the company cut maintenance spending by 3 percent, or $10 million. But labor, the second-biggest expense, rose 6 percent, or $76 million.

Kelly said the company was on schedule to repaint AirTran planes in Southwest colors and combine the two carriers by the end of next year. Southwest will complete the update of its reservations system next year, allowing it to handle international flights, he said.

___

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Southwest Airlines' 2Q profit slips 2 percent

DALLAS (AP) — Southwest Airlines got a small break at the fuel pump during the second quarter, and that helped offset flat revenue and higher labor costs.

The airline paid 16 cents a gallon less for fuel than it did a year ago, and that added up to $88 million.

Southwest said Thursday that its quarterly profit fell 6 percent, but the results were still a bit better than analysts expected.

The airline, which carries more passengers in the U.S. than any other, saw a 2 percent drop in revenue per mile. CEO Gary Kelly said that demand was hurt by automatic federal spending cuts that reduced government travel and by higher taxes, but he said third-quarter trends were encouraging.

The company's revenue per mile — a closely watched figure in the industry — has been about 3 percent higher this month than in July 2012, and bookings for August and September "also look solid," he said.

Southwest officials declined to comment Thursday on the investigation into an accident this week at New York's LaGuardia Airport.

The National Transportation Safety Board is trying to determine why the nose gear of a Southwest Boeing 737 collapsed upon landing Monday night, causing the plane to skid off the runway with its nose on the ground. Several passengers and flight attendants were treated for injuries.

Southwest shares fell during morning trading but recovered to finish up 5 cents at $13.81. They have gained 35 percent for the year, about the same as the Arca index of airline stocks.

The stocks have rallied as investors grow more confident about sustained profits in an industry that lost billions last decade. Mergers have reduced competition, the airlines have curtailed flights to push up fares, and they've added revenue from a flock of fees for various services.

Southwest Airlines Co., which owns AirTran Airways, said that second-quarter net income was $224 million, or 31 cents per share, down 2 percent from $228 million, or 30 cents per share, a year ago.

Southwest said that stripping away special items — mostly changes in the value of fuel-hedging bets — it would have earned 38 cents per share in the latest quarter. That's a penny better than analysts surveyed by FactSet were expecting.

Revenue increased less than 1 percent to $4.64 billion. Southwest said that was a second-quarter record, but it fell short of analysts' forecasts of $4.66 billion.

Traffic increased about 3 percent, and the average one-way fare rose less than a buck — to $151.23. The rate of fare increases has slowed from 2011, when airlines raised prices quickly to offset higher fuel costs.

Southwest and AirTran added flights in the quarter, so the average plane was 81.6 percent full, down slightly from 81.9 percent a year earlier. But capacity in June hit a record 85 percent as the summer vacation season hit full stride.

Lower oil prices early in the April-to-June quarter helped Southwest save 6 percent on fuel, its biggest expense, and the company cut maintenance spending by 3 percent, or $10 million. But labor, the second-biggest expense, rose 6 percent, or $76 million.

Kelly said the company was on schedule to repaint AirTran planes in Southwest colors and combine the two carriers by the end of next year. Southwest will complete the update of its reservations system next year, allowing it to handle international flights, he said.

___

Follow David Koenig at http://www.twitter.com/airlinewriter

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