Business news in brief

May 17, 2011
  • Greek Finance Minister George Papconstan- tinou (left)talks with the president of the European Central Bank, Jean-Claude Trichet, in Brussels.

In the Region

Q1 profit drops at Urban Outfitters

Urban Outfitters Inc. said Monday its profit fell to $39 million in the quarter ended April 30 from $53 million in the year-before period. The decline for the Philadelphia specialty retailer came even as it posted a sales increase to $524 million from $480 million. Its weakest performers were its Anthropologie stores, where comparable sales - those at outlets open at least a year - fell 6 percent, and Urban Outfitters stores, whose comparable store net sales increased by only a percentage point from a year ago. Free People comparables were up 30 percent. The company said net income fell, in part, on markdowns of slow-moving women's apparel at Urban Outfitters and Anthropologie. - Maria Panaritis

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Parx to pay $390K environmental fine

The operators of the Parx casino and horse-racing complex agreed to pay a $389,800 fine and make changes to their Bensalem property in connection with environmental or regulatory violations since 2001, the Pennsylvania Department of Environmental Protection said. The DEP said the racetrack began operating in 2001 without a required Concentrated Animal Feeding Operations' National Pollutant Discharge Elimination System permit. Beginning in July 2008, the racetrack was deemed responsible for numerous discharges of manure-laden water into surface water, which polluted a Neshaminy Creek tributary. Under the agreement, if a manure-storage building is not built by Oct. 3, Parx faces an additional civil fine of $100,000. - Diane Mastrull

Court backs Cigna in pension case

The U.S. Supreme Court struck down a lower court's ruling that required Cigna Corp., Philadelphia, to compensate 25,000 past and current employees for pension-plan changes. The court said the workers must show that the changes caused harm, such as actual financial loss. But it left a federal court in New Haven, Conn., to decide relief based on another section of benefits law. - McClatchy Newspapers

Water company: Shale tests negative

Pennsylvania American Water Co. said several tests of Pittsburgh-area river water and treated drinking water did not show elevated or harmful levels of radioactivity or other pollutants. The tests were prompted by fears of contamination from Marcellus Shale natural gas drilling after the New York Times reported in March that inadequately treated drilling waste might be leaking into drinking-water supplies. - Andrew Maykuth

Neuronetics raises $30 million

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