Business news briefs: New poverty scale released

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New poverty scale released

The U.S. Census Bureau released a measure of poverty Wednesday that takes into account assistance provided by government programs, child support and workers compensation while also measuring the costs associated with medical expenses, work expenses and child support payments. The Supplemental Poverty Measure in 2012 was 16 percent, above the official poverty rate of 15 percent. In a study of states using a three-year average from 2010 to 2012, the Census Bureau found that in Pennsylvania the official poverty rate was 13.1 percent, which was not statistically different from the supplemental poverty rate of 12.6 percent.

American Eagle beats forecast

South Side teen clothing retailer American Eagle Outfitters Inc. updated its third quarter earnings-per-share projection to 19 cents per share, excluding noncash charges associated with closing a distribution center. That's higher than the 14 to 16 cents per share the company had forecast earlier, but still far off the 41 cents earnings per share from continuing operations during last year's third quarter. Total revenue for the three months ended Nov. 2 fell 6 percent to $857 million, and sales in stores open at least a year fell 5 percent.

Dick's makes ESPN.com deal

Findlay-based retailer Dick's Sporting Goods has a deal to serve as the exclusive online provider of licensed merchandise on sports news website ESPN.com.

Lube signs development pact

Sharon-based restaurant franchiser Quaker Steak & Lube has signed an area development agreement with Louisiana-based I-10 Hospitality to develop seven restaurants across the Interstate-10 corridor, including markets such as Baton Rouge and New Orleans; Mobile, Ala.; and Pensacola, Fla., over the next five years.

ACCD names new chair

The Allegheny Conference on Community Development announced that Morgan K. O'Brien, CEO of Peoples Natural Gas, will succeed Charles E. Bunch, chairman and CEO of PPG Industries, as its new chair.

II-VI's CFO is resigning

Craig Creaturo, chief financial officer for Saxonburg-based infrared laser and technology company II-VI, has resigned. He will remain in his position until Feb. 28, when he will take on an advisory role with the company for an additional six months.

Fiscal index marks increase

The Conference Board said Wednesday its index of leading indicators rose 0.7 percent in September to a reading of 97.1. That marked the fifth increase in six months. The index is designed to signal economic conditions over the next three to six months.

Starbucks to hire more vets

Starbucks said Wednesday it plans to hire at least 10,000 veterans and military spouses over the next five years.

Amazon bookstore sweetener

Amazon is offering an enticement to independent bookstores: Sell the Kindle and get a 10 percent cut of the price of the digital books that people buy for it, for two years. Amazon.com Inc. said Wednesday that the program, called Amazon Source, will also give booksellers a discount when they purchase Kindles for resale.


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