Starbucks in settlement with former executive
Seattle Starbucks Coffee Co. has settled a lawsuit it filed against a former executive, charging him with breaching a non-competition condition of his employment contract.
Terms of the accord with Paul Twohig, a former Southeast-region senior VP at Starbucks, call for him to complete his initial training but not to begin work at his new employer, Dunkin’ Donuts, until Jan. 15.
Twohig “reconfirmed his commitments not to share Starbucks trade secrets and other confidential information with Dunkin’ at any time,” Starbucks said.
In a statement Saturday, Starbucks also said it would be paid $500,000; it did not say whether the executive or Dunkin’ would pay the funds. The company had filed its lawsuit against Twohig early this month in U.S. District Court in Seattle.
Dollar Tree reports increase in Q3, raises outlook
CHESAPEAKE, Va Dollar Tree reported increase in sales and earnings during third quarter ended Oct. 31 and raises outlook.
The company reported earnings per diluted share of 76 cents, for third quarter ended Oct. 31, an increase of 61.7% compared with the 47 cents earnings per diluted share reported for quarter ended Nov. 1 the prior year. Consolidated net sales for third quarter were $1.25 billion, a 12.1% increase compared with $1.11 billion reported for quarter ended Nov. 1 the prior year. Comparable-store sales increased 6.5% for the quarter.
The company estimates sales for fourth quarter of 2009 to be in the range of $1.49 – $1.53 billion, based on low-to-mid single digit positive comparable-store sales. Diluted earnings per share are estimated to be in the range of $1.30 to $1.39.
Full year sales are now estimated to be in the range of $5.17 – $5.21 billion and diluted earnings per share are expected to be $3.34 – $3.43.
Amazon.com 3Q income soars on Kindle success
SEATTLE Amazon.com’s sales and income soared in the third quarter, thanks in large part to the success of the Kindle e-reader.
Amazon.com reported that net sales increased 28% to $5.45 billion in the third quarter, compared with $4.26 billion in third quarter 2008.
Net income increased 68% to $199 million in the third quarter, or 45 cents per diluted share, compared with net income of $118 million, or 27 cents per diluted share, in third quarter 2008.
“Kindle has become the #1 bestselling item by both unit sales and dollars – not just in our electronics store but across all product categories on Amazon.com. It’s also the most wished for and the most gifted. We are grateful for and energized by this customer response,” said Jeff Bezos, founder and CEO of Amazon.com. “Earlier this week we began shipping the latest generation Kindle. Its 3G wireless works in the United States and 100 countries, and we’ve just lowered its price to $259.”
Fourth-quarter net sales are expected to be between $8.125 billion and $9.125 billion, or to grow between 21% and 36% compared with fourth quarter 2008.