Toyota recalls 57,000 Lexus cars

Toyota Motor Corp. said Wednesday it will recall about 57,000 vehicles from its upscale Lexus brand globally, due to faulty parts in the device that winds seat belts.

The recall affects the Lexus GS and IS models sold in North America, Japan, Europe and other markets. Passengers may not be able to buckle up due to the faulty parts. Those vehicles were produced between July and December last year.

Of the 57,000 vehicles, about 29,000 vehicles will be recalled in North America, 11,000 in Japan, 10,000 in Europe, and the remainder in other markets.

•Gannett Co., publisher of USA Today, reported an 11.5 percent decline in first-quarter earnings Wednesday as softer advertising and stock expenses weighed on results.

Gannett, the largest newspaper publisher in the country, had net income of $235.3 million, or 99 cents per share, in the 13 weeks ended March 26. The results were down from $265.7 million, or $1.05 per share, in the same period a year ago, which included 2 cents per share profit from discontinued operations.

•Circuit City Stores Inc. reported solid revenue growth and higher profits in the fourth quarter as it benefited from internal improvements and exceptionally strong sales of flat-panel televisions. Its shares rose more than 7 percent.

The Richmond-based retailer exceeded analysts’ expectations in the quarter, reporting a 65 percent increase in its earnings. Both Circuit City, the No. 2 chain of consumer electronics stores, and the larger Best Buy Co. Inc. have benefited from robust industry sales of advanced-technology TVs and MP3 players.

•Sears Holdings Corp. Chairman Edward Lampert assured shareholders Wednesday that the company is very strong financially despite sagging sales and is working hard to improve its Kmart and Sears, Roebuck & Co. stores.

“In terms of vision, flexibility and adaptability is what it’s all about,” he said during two hours of fielding questions from the approximately 100 shareholders who attended the meeting at company headquarters.

Many industry observers have speculated Lampert would ultimately like to turn Sears Holdings into an investment giant along the lines of Berkshire Hathaway Inc., a company he admires, and take it far beyond retail. But the billionaire chairman, who runs Sears from the Greenwich, Conn., home of his ESL Investments hedge fund, again did little to tip his hand beyond indicating that fixing the stores is the top short-term priority.