Zumiez announces litigation dismissal
Everett, Wash. Zumiez announced that shareholder litigation involving the company and its officers and directors has been dismissed.
The United States District Court for the Western District of Washington dismissed securities class action brought against Zumiez and three of its officers and directors. The action was purportedly commenced on behalf of all individuals who purchased Zumiez stock from March 14, 2007 to January 4, 2008, and alleged that Zumiez and certain individuals made materially false or misleading statements during the proposed class period and engaged in insider trading.
The defendants moved to dismiss all claims in October 2008.
The Court issued its ruling on March 30 without oral argument, dismissing the case with prejudice. Following this ruling, a related shareholder derivative action, which was filed in the Superior Court for the State of Washington, Snohomish County, was voluntarily dismissed.
Amazon.com 1Q sales up 18%
SEATTLE Amazon.com reported that first quarter net sales increased 18% to $4.89 billion in the first quarter, compared with $4.13 billion in first quarter 2008.
Net income increased 24% to $177 million in the first quarter, or 41 cents per diluted share, compared with net income of $143 million, or 34 cents per diluted share, in first quarter 2008.
Net sales for the second quarter are expected to be between $4.30 billion and $4.75 billion, or to grow between 6% and 17% compared with second quarter 2008.
Jewel-Osco launches price cut campaign
CHICAGO Supervalu-owned Jewel-Osco announced its “Big Relief Price Cut” campaign, which involves slashing prices up to 20% on thousands of items.
Discounted items include Capri Sun juice drinks, Kraft Singles cheese slices and Scott paper towels.