Comcast’s quarterly profit, sales surpass estimates

Comcast Corp., the cable company that took control of NBC Universal Inc. last month, reported fourth-quarter profit and sales Wednesday that beat analysts’ estimates and plans to boost its dividend and stock buyback program.

Profit, excluding costs from the purchase of NBC Universal, was 35 cents a share. Analysts in a Bloomberg survey predicted 32 cents on average. Sales rose 7.2 percent to $9.72 billion, topping projections of $9.56 billion.

The Philadelphia-based company boosted its dividend to 45 cents a share annually from 38 cents and accelerated its share repurchase program, committing to buy back $2.1 billion of its stock this year. That’s a 75 percent increase from last year, when the company repurchased $1.2 billion of its shares.

Cablevision Systems reports 45 percent rise in net income

Cablevision Systems Corp., the nation’s fifth-largest cable TV company, said Wednesday that its fourth-quarter net income rose 45 percent, helped by its recent purchase of Bresnan Communications and a slight increase in phone and Internet customers.

Cablevision added a net 271,000 basic cable subscribers during the quarter to bring the total to about 3.3 million. Were it not for the Bresnan acquisition, it would have lost 35,000 basic cable customers, largely because of a fee dispute with News Corp., which left Cablevision subscribers without Fox programming for two weeks.

Increase in ad spending boosts earnings at CBS Corp.

CBS Corp.’s earnings growth accelerated during the fourth-quarter as advertisers spent more broadcasting their messages during last year’s political campaign and holiday shopping season.

The results released Wednesday provided the latest sign that advertisers are increasing their marketing budgets for television and radio as they feel more confident about the U.S. economy’s recovery from the Great Recession.

CBS serves as a barometer of advertising sentiment because it runs the top-rated television network, owns 28 local TV stations and 130 radio stations.

The company’s total ad revenue during the final three months of 2010 rose 12 percent from the prior year, with the biggest gains coming at its local TV stations. Political spending drove the growth early in the quarter, and then CBS got a boost from a marketing blitz in the best holiday shopping season in four years.

A&P grocery chain seeks to close 32 stores in six states

The ailing A&P grocery store chain wants to close 32 stores in six states as part of its turnaround strategy.

The Montvale, N.J.-based Great Atlantic & Pacific Tea Co., which operates stores under the A&P, Pathmark, Food Emporium, Food Basics, Super Fresh and Waldbaum’s banners, also closed 32 stores last year before filing for bankruptcy protection in December. 

Abercrombie’s profit soars as company grows overseas

Abercrombie & Fitch Co.’s profit almost doubled in its fiscal fourth quarter as business improved in the U.S. and overseas revenue continued to grow.

The preppy teen clothing company, which has expanded internationally to offset slower U.S. growth, also said it will be increasing prices to deal with rising costs.

Abercrombie’s stock gained $3.04, or 5.7 percent, to $56.45 in morning trading Wednesday. Over the last year, the shares have traded in a range of $29.94 to $58.50.

For the fourth quarter ended Jan. 29, Abercrombie reported net income of $92.6 million, or $1.03 per share, up sharply from $47.5 million, or 53 cents per share, a year ago.

Shopping channel QVC plans to hire 200 workers

Shopping channel QVC says it will hire 200 more full-time workers as it expands its warehouse in Rocky Mount, N.C.

The company said Wednesday it also hopes to add 300 part-time jobs by the time the expansion is completed at the end of 2012.

The company is being given a $1 million grant through the One North Carolina Fund, which requires firms to meet certain job creation and investment standards to get the money.

QVC says it will invest $71 million over the next five years on the warehouse.

— From news service reports