THE VIRGINIAN-PILOT
Copyright (c) 1996, Landmark Communications, Inc.
DATE: Wednesday, August 7, 1996 TAG: 9608070470
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
LENGTH: 46 lines
Circuit City expects loss in the second quarter
Circuit City Stores Inc. said Tuesday it expects its second-quarter earnings to take another dive due to soft sales and intense promotions. The Richmond-based retailer reported a 32 percent decline in the first quarter and anticipates announcing a similar drop for the second quarter ending Aug. 31. For the month of June, same-store sales - revenues at stores open at least a year - dropped 11 percent. Circuit City, a consumer electronics and appliance retailer, has more than 430 stores. It also operates five used-car dealerships under the name CarMax. (Staff)
Company to pull candy with lead-laden wrapper
Phillipine candy maker Storck Products Inc. agreed to pull its popular eucalyptus menthol candy from the U.S. market after health officials found high levels of lead in the wrappers. Storck says it has stopped producing the candy pending production of lead-free wrappers. The Food and Drug Administration found Storck candies to contain lead levels 80 times that considered safe for human consumption. The FDA has blocked imports, warning that people who eat pieces of wrapper stuck to the candy risk lead poisoning. (Associated Press)
USAir receives FDA warning about sanitation
USAir Group Inc. received a Food and Drug Administration warning that alleged unsanitary conditions on some of the company's airplanes. On one flight, FDA investigators found chicken entrees that weren't properly frozen. On two other flights, agency officials found other minor violations concerning labeling and the fill line on the planes' drinking water systems, the FDA said. A USAir spokesman said the company is looking into the violations cited by the FDA. (Bloomberg Business News)
James River Bankshares sees earnings increase
James River Bankshares Inc. reported a 48 percent increase in second-quarter net income despite the added expenses of opening two branches and integrating two others purchased earlier this year. The Suffolk-based parent of Bank of Suffolk, Bank of Isle of Wight, James River Bank and First Colonial Bank said it earned $832,000 for the three months ended June 30. That compared with $561,000 for the April-through-June quarter of 1995. For the first half, the company's net income declined 6 percent to $1.29 million from $1.37 million for last year's January-through-June period. (Staff) by CNB