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2D Rail: Mostly lumps of coal for big retailers

By Times Staff and Wires
Published January 11, 2008

NEW YORK

Many of the nation's big retailers reported weaker-than-expected holiday sales and failed to meet their already-lowered sales projections during December. Their performance during this critical sales period led some stores to reduce earnings outlooks for the fourth quarter. The weak results crossed all retail categories. Particularly hard hit were apparel sellers including Limited Brands Inc. and AnnTaylor Stores Corp., as well as department stores including Macy's Inc. Among the few bright spots were low-price operators like Wal-Mart Stores Inc. The UBS-International Council of Shopping Centers' same-store sales tally was up a meager 0.9 percent in December, worse than the original prediction of 1.5 percent. That means the November-December period was up 2.2 percent, the weakest holiday period since 2002 when holiday sales rose 0.5 percent.

Bond insurer takes on $1B in new debt

Troubled bond insurer MBIA Inc. was working Thursday to place $1-billion in new debt, an offering critical for maintaining its "AAA" financial strength rating and keeping its business viable. Exactly what kind of interest rate MBIA will have to pay on the $1-billion in new debt is up for debate, but analysts agree it is likely the bond insurer will be able to come up with the fresh capital regardless of price.

TOKYO

Toyota pulls up right next to GM

Toyota said Thursday that it sold 9.37-million vehicles worldwide in 2007, which may have been enough to put it ahead of General Motors in the race for the "world's biggest automaker," a title GM has held for 76 years. GM has not yet given its annual sales tally but earlier estimated 2007 sales would come to 9.3-million vehicles.

MAITLAND

Burrito chain takes back local stake

Tijuana Flats, a 59-store burrito chain based in Maitland, said it acquired a majority stake in five Hillsborough County locations that were previously controlled by a franchisee. The company said it plans to accelerate its growth by doubling its Hillsborough locations over the next two years. The local franchisee retained a 49-percent stake in the existing restaurants.

TAMPA

TECO to announce earnings Feb. 5

TECO Energy, parent company of Tampa Electric and People's Gas, will announce its 2007 earnings Feb. 5, the company said Thursday. The company will talk about 2007, including its debt-retirement plans and the sale of TECO Transport. It also will look ahead to 2008. It faces continued debt retirement in efforts to improve the company's credit rating. The company also anticipates the need for new power generation. The Tampa utility will have to figure out how to meet that demand now that plans for a new "clean coal" plant in Polk County have been shelved. The Webcast will be available at www.tecoenergy.com. The Webcast and earnings call will be held at 9 a.m. Feb. 5. Results for 2007 will be announced before the market opens. Tampa Electric has more than 670,000 customers and a total capacity of about 4,600 megawatts.

Times staff and wires

[Last modified January 11, 2008, 01:19:22]