— Advance monthly retail sales fell unexpectedly in July, decreasing by 0.1 percent from June and declining by 8.3 percent from July 2008, to $342.3 billion. Excluding autos, July retail sales decreased 0.6 percent from the prior month and declined 8.5 percent from the prior year. See more below in TOP STORIES — Wisconsin retailer Kohl’s today reported a dip in its same-store sales for the quarter ended Aug. 1, but the chain had increased sales overall and nearly matched its performance from a year ago. Kohl’s Corporation reported net income for the quarter of $229 million compared with $236 million a year ago. Net sales were $3.8 billion, an increase of 2.2 percent for the quarter. Same-store sales for the quarter decreased 2.3 percent. — Gov. Jim Doyle has issued an executive order declaring a state of emergency because of drought conditions facing farmers. According to a crop report from earlier this month, crop growth is behind and pasture conditions are considered poor or very poor in much of the state. The problem is especially severe in northern Wisconsin which has experienced a long-term shortage of rainfall. The emergency declaration covers more than half of the state’s counties. It allows the state Department of Natural Resources to expedite farmers’ requests for temporary irrigation permits to divert streams and lake water. See details: http://www.wisbusiness.com/index.iml?Article=167043 — Home sales in the state fell by more than 10 percent in the second quarter compared to the same period last year, according to a report from the Wisconsin REALTORS Association. But that decline was actually smaller than declines seen the past couple years, leading WRA Board Chairman Michael Mulleady to say the market could be stabilizing. The same report said median home prices in Wisconsin fell by nearly 10 percent, to $146,000. But WRA President William Malkasian says “these data need to be taken with a grain of salt because lower priced homes are moving more briskly than higher priced homes, thus skewing the median price downward.” See the WRA release: http://www.wisbusiness.com/1008/090812WRAq2.pdf — After raising nearly $1 million, a privately held orthopedics company is planning a move from Boston to Madison. The company, Flex Biomedical, is working on a synthetic polymer to treat osteoarthritis, a disease that affects 27 million people in the United States. The money raised includes a $150,000 Technology Venture Fund Loan from the state of Wisconsin plus money from three state venture capital groups. See details: http://www.wisbusiness.com/index.iml?Article=167042 TOP STORIES Amcore plans to sell branch banks in Monroe and Argyle : Amcore Bank plans to sell two branches in Monroe and Argyle to First National Bank and Trust Co. of Beloit. Rockford, Ill.-based Amcore said the agreement includes approximately $70 million in loans, $140 million in deposits and sweep accounts, and up to $50 million in related trust accounts. The brokerage and 401(k) plan business are not part of the sale and will remain with Amcore. Flex Biomedical, Boston company, is moving to Madison : Flex Biomedical, a Boston company developing treatments and diagnostic products for orthopedic diseases, says it has raised nearly $1 million and is moving to Madison. Oshkosh Corp. uses $358 million from stock sale to pay down debt: Oshkosh Corp. on Wednesday announced it has completed the sale to the public of 14.9 million new shares of common stock at $25-per-share. The sale generated about $358 million, which the company, formerly Oshkosh Truck, will use to pay down loans it used to purchase JLG Industries in late 2006.
************************************************************ See commentary from around the state and columns from WisBusiness contributors Jennifer Sereno, Kevin McKinley, Tom Burzinski, Gregg Hoffmann, Tom Still and Steve Jagler: ************************************************************
MANUFACTURING (back to top) – Magnetek profit falls – Alliance Laundry reports net loss
LABOR (back to top) – ‘Roadblocks’ noted by Mercury Marine union leader – Overtime for 50 DMV workers after state furloughs questioned
REAL ESTATE (back to top) – Housing group sees signs toward stabilization – Dane County: Foreclosures set record high – Madison-based Professional Realty & Development bankrupt
AGRIBUSINESS (back to top) – State corn harvest projected down slightly
TRANSPORTATION (back to top)
TOURISM (back to top)
HEALTH CARE (back to top)
MANAGEMENT (back to top) – Waukesha Chamber names new president
PRESS RELEASES (back to top) For these and more releases visit http://www.wisbusiness.com/index.iml?Content=82 |
Quick links
WisBusiness sponsors Media partners National business round-ups |
(c)2009 WisBusiness.com.
All rights reserved. Reproduction or retransmission of this
publication, in whole or in part, without the express permission of
WisBusiness.com is prohibited. Unauthorized reproduction violates
United States copyright law (17 USC 101 et seq.), as does
retransmission by facsimile or any other electronic means, including
electronic mail.
