FINANCE

Charming Shoppes swings to profit in Q1

BY CSA STAFF

Bensalem, Pa. Charming Shoppes, said Thursday that it returned to a first-quarter profit, even though its sales decreased because it closed dozens of stores.

For the three months that ended on May 1, the owner of Lane Bryant, Fashion Bug and Catherines stores reported net income of $3.9 million, compared with a previous net loss of $6.6 million.

Revenue fell 6.2% to $504.8 million, down from $538.1 million. But the company said much of that decrease came from a decision to shut 144 stores during the year. Same-store sales were down 2%.

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Macy’s celebrates Pride month

BY CSA STAFF

NEW YORK Macy’s announced that it has celebrating Pride month with a multitude of in-store fashion events, advertising support, special tribute windows in select stores, gift registry booths for same-sex couples in key cities, as well as sponsorship and employee participation in Pride parades across the country.

“We are proud to support our LGBTQ employees and consumers through initiatives that recognize and honor our commitment to diversity and inclusion,” said Corliss Fong, Macy’s vice president of diversity strategies. “Macy’s remains a steadfast supporter of inclusiveness in all aspects of our business and we join in celebration with millions across the nation who live with pride and joy this June.”

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GameStop announces exec promotions

BY CSA STAFF

GRAPEVINE, Texas GameStop has announced the promotion of existing executives into new positions within the company.

The promotions include: Daniel  DeMatteo, executive chairman, from CEO; J. Paul Raines, CEO, from COO; Tony Bartel, president, from EVP merchandising and marketing; and Robert Lloyd, EVP and CFO, from SVP and acting interim CFO.

 

“I am pleased to congratulate the team along with our board on the execution of this succession plan that has been two years in the making,” indicated Dan DeMatteo. “Paul, Tony, Rob and Mike are filling key positions that will allow GameStop to continue its growth both here and internationally. This includes expansion into new markets and continued focus on strategic initiatives such as our new loyalty program, downloadable content (DLC) marketing and sales, and the evolution of GameStop.com into a robust digital platform.”

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