FINANCE

Duckwall-ALCO 1Q Loss Widens

BY CSA STAFF

Abilene, Kan. Duckwall-ALCO Stores Inc. on Thursday said its fiscal first-quarter loss widened, as revenue stayed flat while expenses increased.

The loss for the quarter ended May 4 totaled $5.9 million compared with a loss of $2.2 million in the prior-year quarter.

Revenue fell less than 1% to $106 million from $106.3 million a year ago. Meanwhile, same-store sales fell 8.4% during the quarter.

Expenses increased due to severance charges, higher real-property rent and new-store openings, partly offset by lower stock-option expenses and lower supply costs.

During the quarter, the company cut 27 staffers at its headquarters and four executives in a streamlining move.

In March, chairman Warren H. Gfeller and director Robert L. Ring resigned from the board as part of a resolution of a threatened proxy fight between the company and a large shareholder. President and CEO Bruce Dale also resigned.

Donny Johnson, interim president and CEO, said in a statement that the quarter was a “time for very significant changes,” but added the company expects stronger sales and lower expenses for the rest of fiscal 2009.

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Accent S.A. names sales vp

BY CSA STAFF

MILAN, Italy and FREMONT, Calif. Accent S.A., a leading fabless ASIC provider offering highly differentiated design and turnkey services for state-of-the-art SoC silicon solutions, announced that Graeme Finlayson has joined Accent’s executive team as the new vp of WW sales.

Federico Arcelli, ceo of Accent, said. “I am . . . delighted that Graeme Finlayson has joined our team. Graeme brings 25 years of very relevant sales experience in the ASIC, IP and service industries.”

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Movie Gallery names new retail ops head

BY CSA STAFF

DOTHAN, Ala. Movie Gallery has announced that Sherif Mityas has been appointed coo of the company and president of retail operations, effective June 16. Jeffrey Stubbs, who formerly served as president of retail operations, has resigned from the company.

“Sherif is a strong and capable leader with an extensive background in retail operations, store merchandising and supply chain management,” said C.J. “Gabe” Gabriel, ceo of Movie Gallery. “His knowledge and understanding of the retail industry will be invaluable as we continue to build on the strength of our store operations, merchandising and supply chain management to improve our operating metrics. I look forward to working closely with Sherif to enhance store operations and better integrate our brands and businesses.”

Most recently, Mityas was a partner at A.T. Kearney, where he was responsible for the firm’s business development, staff development and intellectual knowledge capture for all service and industry practice groups across North America.

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