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Christopher & Banks 3Q Profit Up

BY CSA STAFF

Minneapolis Christopher & Banks Corp. said Thursday its fiscal third-quarter profit rose 11% on higher apparel sales and better margins but added December results have so far missed expectations.

Net income for the quarter ended Dec. 1 rose to $10.2 million, from $9.2 million in the prior-year quarter.

Revenue rose 15% to $160 million from $139.3 million last year. Same-store sales rose 9% during the quarter.

However, Christopher & Banks CEO Lorna Nagler said in a statement that a promotional environment and storms in December hurt same-store sales, which are expected to fall 1% to 2%.

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Amazon MP3 adds digital music from Warner

BY CSA STAFF

SEATTLE and NEW YORK Amazon.com and Warner Music Group today announced that customers can now find DRM-free music audio downloads from Warner Music Group on Amazon MP3, Amazon’s a la carte MP3 digital music store.

In addition to purchasing individual songs, Amazon MP3 customers will also be able to access digital music products such as album bundles containing exclusive tracks.

Our customers are delighted with our DRM-free MP3 service. We have received thousands of emails from our customers since our September launch thanking us for offering the biggest selection of high-quality MP3 audio downloads which play on virtually any music device they own today or will own in the future, said Bill Carr, Amazon.com vp of digital music. With the addition of great Warner Music Group content, our customers will discover even more of the music they love on Amazon MP3. 

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Leading CE manufactures in flat panel alliance

BY CSA STAFF

TOKYO Hitachi, Canon and Matsushita have teamed up to promote the flat panel television industry.

The companies announced Tuesday that they have formed an alliance aimed at reinforcing and growing the liquid crystal display (“LCD”) panel businesses and technologies. According to the companies, they will use their individual strengths –Hitachi’s in liquid crystal, Canon’s in the camera and printing fields, and Matsushita in flat-panel televisions — to help accelerate the development of advanced display technologies.

The companies reported that they have agreed that Canon and Matsushita will, by transfer of shares from Hitachi, each acquire 24.9% of the shares of Hitachi Displays Co., a wholly owned subsidiary of Hitachi engaged in small- and medium-sized LCD panel-related businesses, by March 31, 2008, subject to approvals by regulatory authorities. As a result, Hitachi’s stake in Hitachi Displays is to become 50.2%.

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