Shares of Everett-based Zumiez Inc. rose almost 7 percent Thursday, a day after the seller of action-sports-related equipment and clothing reported surprisingly strong November sales. The company’s shares gained $1.98 to close at $30.65. On Wednesday, Zumiez reported that sales at its stores open at least a year climbed 12 percent compared with the same month last year, exceeding analysts’ average estimate of a 5.8 percent rise. Overall sales were up 44 percent, to $25.9 million.
Airbus predicts A380 certification
A prototype of the long-delayed Airbus A380, the world’s biggest passenger jet, on Thursday wrapped up an around-the-world series of test flights crucial for its certification, which is expected in a few weeks. Airbus confirmed that it expects certification by mid-December based on the successful tests, which were designed to put the 555-seater through the kind of operating conditions it will experience with airlines.
Frontier Airlines seeking new cities
Communities across the Rockies are putting pen to paper to come up with their best pitch for landing Frontier Airlines’ service. Frontier Airlines Holdings Inc. has invited as many as 50 midsize cities within a 1,200-mile radius of Frontier’s Denver base to submit proposals by mid-January detailing how they would support either turboprop or jet service and why they need it.
Fees sap money from 401(k) plans
Participants in 401(k) plans may be losing thousands of dollars in retirement savings because of sponsor fees, a report said Thursday. The report urged investors be given a clearer picture of the fees they pay. Laws passed in 1974 do not explicitly require 401(k) plan sponsors to disclose comprehensive fee information The Government Accounting Office gave as an example a 45-year-old person who leaves $20,000 in a 401(k) account until retirement. If the average net return is 6.5 percent – a 7 percent investment return minus a 0.5 percent charge for fees – the account will grow to $70,500 at retirement. But if the fee is 1.5 percent, the person will have only $58,400 upon retiring.
Yakima RV builder gets new owners
A New York equity firm has agreed to buy a longtime recreational vehicle maker that had been one of the largest employers in the Yakima Valley until it shut down earlier this month. At its peak, Western Recreational Vehicles employed almost 600 people at plants in Yakima and Union Gap. Rising gas prices and slowing sales forced the company to lay off 250 workers when it shut down operations Nov. 8. Monomoy Capital Partners, a firm that invests in midsize companies facing operational, financial or transactional problems, announced Tuesday that it had agreed to buy Western RV and revive it with cash and new management.
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