FINANCE

Build-A-Bear Workshop 3Q Profit Up

BY CSA STAFF

St. Louis, Build-A-Bear Workshop’s net income rose to $3 million in the third quarter, ended Sept. 29, up from $2.7 million during the same period in 2006.

Total revenue for the third quarter increased 8.2% to $109.8 million, compared to $101.5 million in the prior year. North American same-store sales fell 10.1%.

Build-A-Bear’s European operations cut down its losses to $500,000 from a loss of $2.1 million in third quarter 2006.

The company opened its first stores in France during the third quarter, giving it a total of 45 stores in the United Kingdom, Ireland and France. It also opened 12 stores in North America.

“While the current economic environment is challenging for the consumer, our profit performance underscores the fundamental strength of our store model and the store experience we provide to our guests,” said Maxine Clark, chairman and CEO, in a statement.

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QVC announces IT exec changes

BY CSA STAFF

WEST CHESTER, Pa. QVC today announced that John Sullivan has joined the company as evp and cio. In his new role at QVC, Sullivan will oversee all aspects of QVC’s Information Technology department, including applications development, technology, production services and telecommunications. He is also responsible for the strategic use of technology and information within the organization to increase revenues, reduce costs and improve efficiencies.

Prior to joining QVC, Sullivan spent 11 years with Liz Claiborne where he most recently served as senior vp of sourcing of service and systems and cio. He began his career there as vp of information systems and customer service and progressed into various leadership positions. Prior to Liz Claiborne, Sullivan held various IT leadership positions at Goody’s Family Clothing, Ames Department Stores, Johnson & Associates and Knapp Shoes.

Rob Cochran, the previous holder of the cio position, assumes the newly created position of Chief IT technical officer. As QVC moves into the future, the removal of legacy systems and the introduction of new mobile technologies and applications development becomes critical. In this role, Cochran will lead that technology aspect of the company’s IT infrastructure team. Cochran has been with QVC since 1987.

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Circuit City eases transition to DTV

BY CSA STAFF

RICHMOND, Va. Circuit City is joining other electronic retailers who have announced efforts to educate consumers on the digital television transition. The company announced today that it will enhance its initiatives to help its customers move from analog to digital.

“TV is our most important business,” said Philip Schoonover, Circuit City’s chairman, president and ceo. “We know the DTV Transition will affect millions of homes that rely on over-the-air reception and we are ready to do our part, along with manufacturers, broadcasters and regulators, to inform and educate the public about this important technology advance.”

Circuit City reported that it has already taken steps to ease the transition from analog to digital including, providing educational pamphlets in stores, offering information on the Circuit City Web site and training store personnel on the DTV transition. In addition, Circuit City said it intends to participate in the voluntary tuner box coupon program run by the National Telecommunications and Information Administration, pending the resolution of a number of technical and regulatory questions.

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