FINANCE

Dollar Tree 2Q Profit Rises 15%

BY CSA STAFF

Chesapeake, Va. Dollar Tree Inc. said Wednesday its second-quarter profit grew 15% as consumers turned to the discount retailer amid a tough economy.

The company earned $37.6 million compared with a profit of $32.6 million in the same quarter last year. Sales rose 12.5% to $1.1 billion from $971.2 million.

Dollar Tree said same-store sales increased 6.5% in the quarter.

“Our performance in the second quarter demonstrates the growing relevance of Dollar Tree to the consumer during tough economic times,” CEO Bob Sasser said in a statement. “Increased demand for basic, consumable product is driving more customers into our stores, resulting in higher operating margin and earnings in the second quarter.”

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J.M. Smucker announces new promotions

BY CSA STAFF

ORRVILLE, Ohio The J.M. Smucker Company has announced several promotions.

Timothy Smucker’s title has been changed from chairman and co-ceo to chairman of the board and co-ceo.

 

Richard Smucker’s title has been changed from president and co-ceo to executive chairman and co-ceo. He will also continue in his capacity as president of the company.

Vincent Byrd was promoted from senior vp of its consumer business to president of the newly created coffee strategic business area (SBA).    

Steven Oakland was promoted to president of the consumer business.

Mark Smucker has been promoted to president of the special markets SBA which includes the company’s foodservice and beverage groups as well as its Canadian and international operations after serving as vp of international. Smucker has been with the company for 11 years.

Paul Smucker Wagstaff, also great-great grandson of founder Jerome Smucker, has been promoted from vp of foodservice and beverage markets to president of the oils and baking SBA. Wagstaff has been with Smucker for 12 years.

Barry Dunaway, formerly vp of corporate development, has been named senior vp of the newly created corporate and organization development office with combined responsibility for mergers/acquisitions and human resources.

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La-Z-Boy elects directors

BY CSA STAFF

MONROE, Mich. La-Z-Boy announced that its shareholders have elected directors Kurt Darrow, James Johnston, George Levy, M.D. and Alan McCollough to three-year terms on the company’s board of directors.

Shareholders also voted to ratify the selection of PricewaterhouseCoopers LLP as the company’s independent registered public accounting firm for fiscal 2009.  

 

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