BUSINESS BRIEFS
Spam helps boost Hormel shares
Advertiser Staff and News Services
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Shares of Hormel Foods Corp. rose sharply yesterday after the Minnesota-based company reported strong sales of its canned foods, including Hawai'i-favorite Spam.
Hormel shares climbed $2.39, or 7.9 percent, to $32.81 on the New York Stock Exchange, the biggest gain since Nov. 21. Hormel shares have gained 5.6 percent this year.
Hormel said it is expanding its canned food production as demand for Spam and other canned products has risen.
Analysts say sales of Spam have taken off as consumers tighten their budgets in response to the economic downturn. Hawai'i consumes more Spam per capita than any other state, according to Hormel's Web site.
Hormel said its net income fell to $81.4 million, or 60 cents a share, in the three months through Jan. 25, from $88.2 million, or 64 cents, a year earlier.
ALA MOANA WELCOMING 7 NEW TENANTS
Merchant turnover at Ala Moana Center is making room for seven new tenants scheduled to open at the state's largest shopping center between May and September.The mall said the additions follow recent openings of five other merchants filling space of tenants with expiring leases.
Scheduled to open in May are specialty apparel retailer Aeropostale, the luxury fashion sister brand of Prada called Miu Miu, and food tenants Goma Tei Ramen and Wetzel's Pretzels.
Joining the mall in June will be women's fashion store Kate Spade and the first Hawai'i store for luxury designer Michael Kors. Victoria's Secret is scheduled to open in September, establishing its first Hawai'i store.
ELVIS ON HAWAIIAN'S NEW VEGAS FLIGHT
Hawaiian Airlines will launch its expanded Las Vegas service Monday, complete with an Elvis impersonator and showgirls.The flight — Hawaiian's third from Honolulu to Las Vegas — is scheduled to depart at 8 a.m. and arrive in Las Vegas at 3:35 p.m.
"The King" has booked a seat on the inaugural flight and will entertain passengers. Upon arrival, fliers will be greeted by Las Vegas showgirls.
The flight will be offered four times weekly and will be in addition to the existing twice-daily flights that Hawaiian already offers between Honolulu and Las Vegas.
