In Brief

CARSON CITY

Loan company agrees to close after investigation by state

A loan company operating in rural Nevada has agreed to cease operations and pay a $35,000 fine following an investigation into its practices, the state Financial Institutions Division said Thursday.

The investigation found that William Jones, one of three owners of TJ's Quick Check Exchange, made illegal loans listing himself as the lender, charged fees for services never performed, incorrectly calculated percentage rates, and failed to notify people before disposing of their property.

The company has offices in Fallon, Fernley, Winnemucca, Battle Mountain and Elko.

Two other part owners, Connie and Tim Jordan, can reapply for a license, but Jones is barred from being involved, the agency said.

Elisabeth Daniels, spokeswoman for the Department of Business and Industry, said the company was licensed in 1999. She said the division knows of 41 people who may have been affected by the illegal actions, but details of the complaints are confidential.

NEW YORK

Sales of home goods, shoes boost earnings for Kohl's

Department store operator Kohl's Corp.'s first-quarter net income rose 45 percent as shoppers spent more at its stores, particularly for shoes and home goods. But the company's CEO said that consumers' buying remains below what it was before the Great Recession.

Kohl's, which operates four stores in the Las Vegas Valley, said its net income rose to $199 million, or 64 cents per share, in the three months ended May 1, up from $137 million, or 45 cents per share, a year ago.

Analysts surveyed by Thomson Reuters expected earnings of 62 cents per share, and typically exclude one-time items from their estimates.

Revenue rose 11 percent, to $4.04 billion from $3.64 billion last year. Analysts expected revenue of $4 billion.

Revenue in stores open at least a year rose 7.4 percent in the quarter. The figure, known as same-store sales, is considered a key measure of a retailer's financial health.

IGT revises earnings per share to zero for second quarter

Gaming equipment giant International Game Technology revised its second quarter earnings Thursday after a dispute in Alabama over the use of slot machines in conjunction with charitable bingo games had escalated.

Reno-based IGT, which told investors on April 22 it was reporting a profit of $35.9 million or 12 cents a share, now says its net income in the quarter that ended March 31 was $700,000, which translated in zero earnings per share.

In a statement, IGT said it was forced to recognize $53.1 million in impairment charges after Alabama officials halted the use of slot machines in the state. The matter forced the major slot machine manufacturers to take write-downs on their gaming equipment in Alabama.

JP Morgan gaming analyst Joe Greff told investors they shouldn't be concerned about the change.

"We note that this was for a quarter already reported and more importantly, does not change our quarterly and yearly estimates going forward." Greff said.

WASHINGTON

New unemployment claims drop for fourth straight week

New claims for unemployment benefits dipped for the fourth straight week, a sign the job market is improving at a slow but steady pace.

Employers, encouraged by a recovering economy, are hiring again. But they are not doing it at the level needed to reduce the jobless rate.

The Labor Department said Thursday that initial claims dropped last week by 4,000 to a seasonally adjusted 444,000. That's slightly above analysts' estimates, according to Thomson Reuters. The previous week's total was revised up to 448,000.

The four-week average, which smooths out volatility, registered a steeper decline. It fell by 9,000 to 450,500 -- close to the average's lowest level this year reached in late March.

After dropping steadily last year from a peak of 651,000, first-time claims have fluctuated at around 450,000 since January.

Many economists would like to see claims fall faster, which would be a sign of more hiring.