Business news

Foot Solutions store going out of business


Foot Solutions, at 4219 Washington Road in Evans, is closing its doors Monday.

The franchise store in Mullins Crossing shopping center is going out of business because of the economy, said Paula James, a pedorthist at Foot Solutions.

"We opened in October 2008, and literally the next week was when the economy crashed," James said.

The store's overhead was high, and it wasn't getting the necessary sales to stay in business, she said. The franchise is owned by Marion Labor.

Foot Solutions specializes in orthopedic shoes, and it sells shoes and socks for diabetics, exercise shoes, dress shoes, sandals and support hose. The Marietta, Ga.-based company has more than 240 shops worldwide.

Owens Corning loses $110 million in quarter

Owens Corning, the maker of fiberglass insulation and roofing materials, reported a net loss Wednesday for the fourth quarter of $110 million, or 89 cents per share, compared with a net loss of $21 million, or 17 cents per share, in the previous year.

The wider quarterly loss reflects impairment charges associated with sale of North American Masonry Products business, along with certain tax-related items.

The Toledo, Ohio-based company's Aiken plant makes glass mats that are used in roofing.

Full-year adjusted earnings were $199 million, or $1.57 per diluted share, compared with $145 million, or $1.14 per diluted share, in 2009.

Company officials said continued weakness in the U.S. housing industry is expected to affect new residential construction-related demand through 2011, while it expects U.S. new residential construction to improve modestly in the second half of 2011.

Deere & Co. harvests $513 million in profits

Deere & Co., the world's largest maker of agricultural equipment, said Wednesday its fiscal first-quarter net income more than doubled, driven by growing sales of large farm machinery in the U.S. and Canada.

The Moline, Ill., company earned $513.7 million, or $1.20 per share, for the quarter ended Jan. 31, up from $243.2 million, or 57 cents per share, a year earlier. Total revenue rose 27 percent to $6.12 billion. Equipment sales in the U.S. and Canada leaped 35 percent in the quarter.

Deere makes compact tractors in Grovetown.

It predicts net income this fiscal year of about $2.5 billion, up from a November prediction of $2.1 billion. Analysts predict $2.37 billion.