Christopher & Banks appoints interim CFO
Minneapolis Christopher & Banks Corp. has appointed Michael Lyftogt as interim CFO.
Lyftogt replaces Rodney Carter, who has left the company to pursue other interests. The retailer indicated it is commencing a search for a permanent CFO.
Lyftogt has been with Christopher & Banks since March 1998. Prior to this appointment, he served as VP finance.
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Carrefour Q2 sales rise 6.3%
Paris ( July 15, 2010 ) Carrefour SA, the world’s second-largest retailer behind Wal-Mart Stores, said Thursday that its revenue increased 6.3% in the second quarter.
The French retailer credited growth in Latin America and Asia for the strong performance.
Carrefour said that it also gained market share in France, which accounts for 40% of its sales. According to reports, improving the company’s performance in its home country has been a top priority for the new CEO Lars Olofsson, who took the helm last year.
Revenue rose to euro24.92 billion ($31.97 billion) in the three months through June, from euro23.44 billion a year ago.
Sales rose 34% in Carrefour’s Latin American stores, and 21% in Asia. French sales edged up 2.7%.
Revenue in Europe, excluding France, fell 2.9% after a significant restructuring program in Belgium, where at least 1,700 workers are being laid off and stores closed.
Carrefour opened or acquired 293 new stores in the quarter.
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College student spending expected to rise
New York ( July 15, 2010 ) A study by Alloy Media + Marketing released Wednesday found that college students — which numbers are increasing by 6% from 15.1 million last year to 16 million in 2010 — are projected to increase their spending 13%, from $270 billion in 2009 to $306 billion this year.
The 10th Annual College Explorer Study also found that discretionary spending among college students is set to increase 10% from $62.7 billion to $69 billion.
The new spending is going to such categories as automotive, entertainment, personal-care products and technology, with the exception of cell phones/PDAs, where spending is stagnant.
The survey found that male students are more likely to direct discretionary spending to entertainment and technology, while female students take the lead in clothing, shoes, cosmetics and cell phones.
Forty-two percent of college students surveyed said they believe the economy will improve this year, compared with 31% for the 35+ U.S. population at large.
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