RILA Backs Bush’s New Law
Arlington, Va., President George W. Bush signed the Security and Accountability for Every (SAFE) Port Act into law on Friday at a White House ceremony. The legislation enhances the multi-layered, risk-based cargo-security system the U.S. government has developed since Sept. 11, 2001. The Retail Industry Leaders Association (RILA) congratulated the bipartisan effort that resulted in the bill’s approval by Congress.
“All Americans can celebrate the signing of the SAFE Port Act into law,” RILA senior VP Paul Kelly said in a statement. “This comprehensive cargo-chain security legislation is now the law of the land, thanks to months of hard work by a bipartisan group of lawmakers, who worked with private sector stakeholders to develop comprehensive legislation that builds on the current supply chain security system.”
Costco 4Q Earnings Edge Up
Issaquah, Wash., Costco Wholesale Corp. said Thursday fourth-quarter earnings edged up 1%, driven by a 19% revenue increase, an unexpectedly strong operating performance late in the quarter and lower-than-expected workers’ compensation costs.
Net income grew to $355.6 million for the period ended Sept. 3, from $354.7 million a year ago. Revenue increased to $19.9 billion from $16.7 billion last year. Same-store sales rose 8%.
Net income for fiscal 2006 increased to $1.10 billion, from $1.06 billion a year ago. Revenue rose to $60.2 billion from $53 billion.
Filmmaker Quits Pro-Wal-Mart Advocacy Group
Bentonville, Ark., Apro-Wal-Mart advocacy group announced Wednesday that filmmaker Ron Galloway, whose self-financed movie praising Wal-Mart helped the retailer counter a critical documentary last year, has quit the group.
Group spokesman Kevin Sheridan said Galloway cited policy differences when he left the national steering committee of Working Families for Wal-Mart.
Galloway and his brother Robert produced a documentary entitled “Why Wal-Mart Works: And Why That Drives Some People Crazy,” which came out on DVD last November simultaneously with the Robert Greenwald critical documentary “Wal-Mart: The High Cost of Low Price.” Although it had no hand in the production of the Galloway film, Wal-Mart touted it as the counterweight to Greenwald’s negative piece.
According to spokesman Sheridan, the departure of Galloway from the group was amicable.