Also. . .
* Borders Group Inc., the No. 2 U.S. bookseller, said its fiscal fourth-quarter profit rose 14%, helped by a gain in holiday season sales at its namesake superstores. Net income rose to $98.5 million, or $1.23 a share, from $86.7, or $1.06 a share, a year earlier. Results met analysts’ estimates. Sales rose 16%.
* Dillard’s Inc., the No. 5 U.S. department store retailer, said its fiscal fourth-quarter earnings tumbled 32% as holiday sales lagged those of rivals. Profit from operations fell to $81.3 million, or 81 cents a share, from $119.5 million, or $1.12, a year earlier. Sales rose 1%.
* A Los Angeles garment manufacturer agreed to pay $179,000 in back wages and a $10,000 civil penalty for violating federal wage laws, the Labor Department said. Lira Fashion Inc., with three Los Angeles factories managed by Seung Chong “Mario” Lim, agreed to the payments in a consent judgment filed in federal court in San Francisco. About 113 employees will receive compensation for pay they should have received between June 1, 1996, and June 1, 1999.
* Paris-based Publicis, Europe’s biggest advertising company, said it has bought U.S. ad-time-buying company DeWitt Media, strengthening operations in the world’s biggest advertising market. Terms were not disclosed. Based in New York, DeWitt had 1999 sales of $400 million.
* TRW Inc., the largest U.S. maker of automotive air bags, will not split its auto parts and aerospace businesses into separate companies, said President David Cote. The company will use cash from the auto parts business to help support growth in its satellite, telecommunications, aircraft parts and computer systems businesses, he said. Shares fell $1.88 to close at $54.94 on the NYSE.
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