Business briefs
Stitch Fix slips on earnings per share in second quarter
Stitch Fix, the San Franciscobased online retailer sending custom boxes of clothes to subscribers, saw its shares fall 6 percent after posting lukewarm second-quarter results for the 2018 fiscal year. The company reported diluted earnings per share of 2 cents for the threemonth period ending Jan. 28, missing the 6-cent mark set by analysts. Net income was $3.64 million, up from $233,000 for the same period last year. Stitch Fix has an office in Oakland.
Family Dollar in Lawrenceville slapped with consumer alert
A Family Dollar store at 3300 Penn Ave. in Lawrenceville was hit with a consumer alert by the Allegheny County Health Department for a significant mouse infestation. An inspector found accumulations of mouse droppings on shelves and “chewed and gnawed” packages of chips, dog food and other foods. Inspection reports for food facilities in the county are available online at www.achd.net.
Riverbend Foods, union to continue negotiations
Riverbend Foods and the union representing production workers at the North Side soup factory agreed to continue contract negotiations, but no date has been set for the next session, according to Anthony Helfer, president of Local 23 of the United Food and Commercial Workers. Union employees rejected the company’s latest contract proposal on Sunday. The contract covering about 420 UFCW members expired Feb. 28. Last week, the company suspended production except for a small baby-food line and laid off an undetermined number of employees, Mr. Helfer said. About 130 workers remain on layoff, he said.
Penguins challenge CMU to create safer ice rinks
Carnegie Mellon University students are being challenged by the Pittsburgh Penguins to improve ice rink dasher boards and glass and are developing prototypes that could be submitted for review by the National Hockey League and USA Hockey. They are using materials from Covestro, the German plastics maker that has its North American headquarters in Robinson. The Penguins named Covestro as its official innovation partner, and the challenge at CMU, dubbed “Rethink the Rink,” is the first project the partnership has undertaken.
DowDuPont chair Liveris makes way for Fitterling as new Dow CEO
Andrew Liveris is leaving DowDuPont Inc. after a career spanning four decades, clearing the way for Jim Fitterling to take the reins of Dow when it’s spun off next year. Mr. Liveris, 63, will relinquish the chairman’s title on April 1 and leave the the board as previously planned on July 1, DowDuPont said. Mr. Fitterling was appointed to be CEO of the materials company, which will reclaim the Dow name when DowDupont splits into three publicly traded businesses.
Bank of America CEO made 250 times pay of median worker
Bank of America CEO Brian Moynihan’s 2017 compensation was 250 times more than the total pay of the bank’s median employee, according to the company’s proxy filing. Public companies such as Bank of America for the first time are disclosing the ratio of their CEO’s pay to the median employee. The requirement, stemming from the 2010 Dodd-Frank Act, aims to give investors more information about pay practices. Mr. Moynihan received total compensation of $21.8 million in 2017, which includes awards and benefits. That compared with $87,115 for the median employee.