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Best Buy 3Q Profit Rises

BY CSA STAFF

Minneapolis, Best Buy Co. said Tuesday its third-quarter profit jumped 52%, boosted by holiday shopping and sales of higher-ticket items such as flat-panel TVs.

Profit for the quarter ended Dec. 1 rose to $228 million from $150 million in the prior-year period. Revenue rose 17% to $9.93 billion, from $8.47 billion last year.

Same-store sales rose 6.7%, helped by higher average selling price and a calendar shift that added an extra week of holiday shopping to the quarter.

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AutoZone names new cio, chief merchant

BY CSA STAFF

MEMPHIS, Tenn. AutoZone today announced that, effective immediately, Jon Bascom, vp of Information Technology, has been promoted to senior vp of Information Technology and cio. Additionally, Mark Finestone, vp of merchandising, has been promoted to senior vp of merchandising, effective immediately.

“With these promotions, we continue to strengthen our senior leadership team with seasoned and accomplished AutoZoners,” said Bill Rhodes, chairman, president and ceo. “Jon and Mark have proven leadership abilities and their experiences will serve this company at a very high level for many years to come.”

The company also announced Ken Brame, vp of  Information Technology and cio will retire from the company effective Jan. 11, 2008.

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Report: Mason not take helm at Tesco, job to go to younger candidate

BY CSA STAFF

LONDON Tim Mason, ceo of Tesco’s Fresh & Easy stores in the United States, is not looking to succeed Sir Terry Leahy as head of Tesco, according to reports.

As reported by the Financial Times, Mason said in a visit to some of the Fresh & Easy stores that he would not being following in Leahy’s footsteps and that the position would go to a younger candidate. Mason is 50 years old.

Among the officers vying for the top spot are Phil Clarke (47), international director, and Richard Brasher (45), trading director, both want the top job, the Times reported. However, they may be passed over for younger executives.

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