Children’s Place Swings to 2Q Profit on Web Sales
Secaucus, N.J. Children’s Place Retail Stores Inc. said Thursday cost cuts and stronger Internet sales helped it swing to a profit in its second quarter.
Net income for the three months ended Aug. 2 was $11,000 compared with a loss of $28.1 million in the year-earlier period.
Selling, general and administrative expenses fell 3.1%, while revenue rose 16% to $338 million.
Same-store sales increased 9% in the second quarter compared to a 1% decrease last year.
“Our merchandise assortment for summer was very well-received by customers and our sharpened e-commerce marketing and merchandising efforts helped to drive Web traffic and sales,” interim CEO Chuck Crovitz said in a statement.
Best Buy launches DTV microsite, Facebook application
MINNEAPOLIS Best Buy announced two new online initiatives to help consumers prepare for the transition from analog to digital television in February 2009. The company has launched a microsite, www.askablueshirt.com, which gives consumers access to Best Buy home theater professionals and DTV-related educational information. In addition, the company also launched an interactive application on the social networking site Facebook, which boasts 90 million active users worldwide, to further promote DTV awareness.
“With the transition date approaching, we want to do whatever we can to help educate people about their options,” said Mike Mohan, senior vice president of consumer electronics for Best Buy. “The Facebook application and our microsite will reach out to new audiences with this message, encouraging young people to make sure they are ready for DTV, and to help family and friends who have not yet prepared.”
Askablueshirt.com provides information on how to participate in the coupon program established by the National Telecommunications, as well as other information related to the DTV switch, through a blog and frequently asked questions section.
The Facebook application features quizes on TV shows that incorporate DTV-related questions and a “forward to a friend” component.
Longs Drugs reports 2Q income growth
WALNUT CREEK, Calif. Longs Drug Stores reported preliminary income from continuing operations for the second quarter ended July 31 of $27.5 million, or 76 cents per diluted share, a 6.8% increase compared with income from continuing operations for the second quarter ended July 26, 2007 of $25.7 million, or 67 cents per diluted share.
Retail drug store sales increased 0.5% to $1.20 billion for the 13 weeks ended July 31. Same-store sales decreased 1.1% with pharmacy same-store sales decreasing 0.6% and front-end same-store sales decreasing 1.6%. Pharmacy sales were 51.6% of retail drug store sales during the period, compared with 51.3% a year ago.