Region news digest: Lowe’s will delay opening of 20 new stores in 2008

REGION

Lowe’s will delay opening of 20 new stores in 2008

CHARLOTTE, N.C. — The chief executive at Lowe’s Cos. says a soft housing market and tight credit are creating a tough sales environment. Lowe’s President Larry Stone told analysts Tuesday that he remains optimistic that conditions will improve.

But he said the company can’t wait for the “housing gods to help us” and is taking steps to improve profit. Lowe’s plans to delay the opening of about 20 new stores this year in several hard-hit markets, including California.

Forever Stamp sales jump on news of higher postage

WASHINGTON — Americans know a good deal when they see one.

Sales of the Forever Stamp — valid for postage regardless of any rate increase — jumped by $95 million after plans for higher stamp prices were announced last month. The cost to mail a first-class letter will rise a penny, to 42 cents, on May 12.

Until then the special Forever Stamp will continue to sell for 41 cents and after the rate increase it will still be valid for postage without the need for any extra stamps. The Postal Service said Tuesday that it sold $275,211,160 in Forever stamps in February, up sharply from sales of $179,320,713 in January. Since the stamp was introduced in April 2007, sales have totaled $2.3 billion.

Associated Press