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Golf Galaxy Posts Q2 Growth

BY CSA STAFF

Eden Prairie, Minn., Golf Galaxy posted net income of $5.4 million in the second quarter ended Aug. 27, up from $3.5 million in the same quarter last year. Sales for the quarter increased 46.5% to $69.6 million, as comparable-store sales increased 7.4%.

The company, which completed its initial public offering during the quarter, opened 11 new stores in the first six months of the year, bringing its total to 45 stores in 19 states.

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Moderate Holiday Growth Expected

BY CSA STAFF

Washington, D.C., Following one of the strongest holiday seasons in recent memory last year, the National Retail Federation (NRF) projected an annual gain of 5% for retailers during the upcoming holiday season, despite concerns that rising energy prices and other factors may make it difficult to match last year’s sales.

NRF chief economist Rosalind Wells averred that instead of labeling high gas prices as the sole make-or-break factor, “it is crucial for analysts to look at the big picture instead of isolating one economic indicator to project sales.” She added that the job market, disposable income and consumer confidence would be just as important for retailers in the upcoming season.

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Container Store Makes Executive Moves

BY CSA STAFF

Dallas, The Container Store named Sharon Ellis as its CFO. She has more than 15 years of financial and banking experience, most recently as senior VP of commercial banking at JPMorgan Chase. The company’s CFO position was previously held by Stefan Ferm, who will now focus on his role as chairman and CEO of wholly owned subsidiary elfa International AB and executive VP of international operations for The Container Store.

In addition, three new VPs were named. Mona Williams has been promoted to VP of buying from senior merchandise director. Peggy Doughty has been promoted to VP of visual merchandising after serving as senior merchandise director. Lucy Witte has been promoted to VP of marketing from her prior position as director of sales and marketing. 

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