FINANCE

Burlington Coat Factory Reports Weak Sales

BY CSA STAFF

Burlington, N.J. Burlington Coat Factory Investments Holdings Inc. said Wednesday that its sales and profit slipped in the 2008 fiscal year.

The company said weakened consumer demand, stock issues and unseasonably warm weather hurt the company’s performance.

Burlington reported a loss of $49 million for the fiscal year ended May 31, compared with a net loss of $47.2 million for the prior fiscal year.

The company operates Burlington Coat Factory Warehouse stores, MJM Designer Shoes, Cohoes Fashions and Super Baby Depot. Burlington said same-store sales decreased 5.2% year-to-year.

Total sales for the year were $3.39 billion for the year, down slightly from $3.40 billion reported for the prior fiscal year.

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Home Depot appoints Carey new evp and cio

BY CSA STAFF

ATLANTA The Home Depot has named Matt Carey evp and cio. Starting Sept. 8, Carey will have responsibility for all aspects of the company’s information technology, communication systems and services. He will report to chairman and ceo Frank Blake.

Carey joins The Home Depot from eBay, where he was senior vp and chief technology officer. In that role, he was responsible for all product development, site operations, electronic security, product planning, platform engineering, data warehousing, trust and safety and catalog operations for eBay Marketplaces.

Prior to eBay, Carey spent more than 20 years with Wal-Mart, where his most recent role was senior vp and chief technology officer. He joined Wal-Mart in 1985 as programmer trainee. During his tenure there, he managed the rollout of the wireless RF infrastructure, had responsibility for the company’s Mainframe Large Systems and Data Warehouse and led the implementation and integration of Wal-Mart.com and SamsClub.com, among many other accomplishments.

“I am thrilled to welcome Matt to The Home Depot,” said Blake. “His functional expertise, coupled with his knowledge of retail, makes him a terrific fit for our company. I am looking forward to the impact Matt will have on our entire organization.”

Carey will succeed Bob DeRodes, who announced in April his plans to leave the company following the selection of his replacement. DeRodes, who joined The Home Depot in February 2002, will assist in the transition of his responsibilities to Carey.

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Office Depot launches electronics trade-in service

BY CSA STAFF

DELRAY BEACH, Fla. Office Depot has partnered with N.E.W. Customer Service Companies to launch the Office Depot Tech Trade-In program, an electronics trade-in and recycling service that helps customers get money back by clearing out their old, small- to medium-size electronics.

Office Depot customers may trade in their old electronics for an Office Depot gift card which is determined by a recycle trade-in value generated through the Web site, www.officedepot.com/techtradein. Office Depots Tech Trade-In program accepts LCD monitors, LCD TVs, digital cameras, desktop and laptop computers, gaming systems, MP3 players, camcorders, Smartphones/PDAs, and printers.

In the wake of a tough economy, Office Depot is excited to help customers clean out their old technology, and provide them with a store credit in the process, said Randy Wick, vp of merchandising for Office Depot. This is also a great opportunity for small business customers to upgrade their outdated office equipment without breaking the bank. 

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