1675-2 Sheraton/BalHarbor Americana T - P
BUSINESS
FRIDAY, APRIL 23,2004 I EDITOR: BRAD LEHMAN blehman@herald.com 305-376-3598 or 954-764-7026 ext.3598 I THE
THE MARKETS WORKPLACE
STOCKS,MUTUAL FUNDS,5-7C
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pier U.S.10-YEAR NOTE
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t i
BUSINESS BRIEFS
•RETAIL .:
Office Depot profit up4411
Office Depot(ODP)said its
earnings rose 46 percent in the first
quarter on an 18 percent jump in sales
led by technology products.
The Delray Beach office products
retailer said Thursday it earned$115.6
million,or 37 cents a share,for the
January-March period,compared
with$79.2 million,or 25 cents a share,
last year.
The results included its first
increase in North American same-
store
ame store sales since 2000.
Story,Page 3C. -f
•HOTELS
Big changes for Shera on
The Sheraton Bal Harbour will
tear down its 12-story south tower to
make way for a pricey new hotel and
condominium complex,owner Star-
wood Hotels&Resorts(HOT)
announced Thursday.The new high-
rise tower will open as a St
p .Regis �.
resort,the Starwood brand designed -�►
to compete with the Four Seasons ILLUSTRATION BY ANA U
and other super-luxury hotels.
No start date has been announced,
but construction will force the hotel COSTLYto close for at least several months,a S N ' F LI
spokeswoman said.The south tower
houses the Bal Harbour's meeting
space and about a quarter of the 645 IF YOU GO TO WORK SICK, YOU COULD HURT YOUR BOSS
rooms in the oceanfront complex.
Designed by Morris Lapidus and BY WILLIAM KATES gested that pre
still a reminder of Mid-Beach's Rat- Associated Press costs U.S.busi
Pack heyday,the Bal Harbour has in lost product
thrived across the street from the SYRACUSE,N.Y.—U.S.workers should stop trying to be heroes "The study
upscale Bal Harbour Shops,but its and just stay home when sick.Their doing so might save their bosses pie should stay.
$200-a-night rate is well below what sniffle,"said R
a St.Regis would charge. money,a new study found.
tor of Corne
Workers who come in sick cost their employers an average of$255 based Institut
•SHIPPING each per year,according to Cornell University labor researchers. Productivity S
UPS profit rises 24% These workers have difficulty concentrating,work more slowly and ducted the rest
"It says that
International growth,especially ihave to repeat tasks,bogging down productivity,the study reported. category of
China,helped United Parcel Ser- (They also get co-workers sick,though those costs were not exceeding the
vice(UPS)to a 24 percent jump in counted in the study.) ism and medi
first-quarter profit. benefits,and th
The world's lest shipping car- Economists refer to slack pro- that it may cost employers even tem is that emp
rier said Thursday's results show that ductivity from ailing workers as more than absenteeism due to ill-
it is gaining back domestic market presenteeism,and the study found ness. Other studies have sug- •TURN TO SICK,4C
share from FedEx.
The Atlanta-based company
earned$759 million,or 67 cents a
share,for the three months ending SPORTS MERCHANDISING
March 31,compared with a profit of
$611 million,or 54 cents a share,in the
year-ago period.Analysts surveyed
by Thomson First Call were expect-
(] et a sense and scent -
ing earnings of 62 cents a share.