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Harry Potter casts spell on B&N’s 2Q

BY CSA STAFF

NEW YORK Barnes & Noble today reported that sales for its second quarter 2007 increased 7.6% to $1.2 billion. Barnes & Noble store sales increased 7.3% to $1.1 billion, with comparable-store sales increasing 4.4% for the quarter. Barnes & Noble.com sales were $97.5 million for the quarter, a 17.9% comparable sales increase compared to the prior year period. The company attributes its second quarter results to the success of the final book book in the Harry Potter series, “Harry Potter and the Deathly Hallows.”

Second quarter net earnings were $18.1 million or 26 cents per share.

 

“Record breaking sales from J.K. Rowling’s ‘Harry Potter and the Deathly Hallows’ was the principal driver behind our comparable-store sales growth in the quarter,” said Steve Riggio, ceo of Barnes & Noble. “The book continues to sell well, as do all the previous volumes in the Harry Potter series. The new release schedule for the third quarter includes a few books that should generate significant media attention, including President Clinton’s ‘Giving,’ Alan Greenspan’s ‘The Age of Turbulence’ and Eric Clapton’s ‘The Autobiography.’ Based upon current trends, we remain comfortable with our full year sales forecast.”

For the third quarter, the company expects comparable-store sales at Barnes & Noble stores to range from flat to an increase in the low-single digits. The company continues to expect full year comparable-store sales to range from flat to slightly positive.

Barnes & Noble third quarter loss per share is expected to be in a range of 6 cents to 10 cents.

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Walgreens names new store operations vps

BY CSA STAFF

DEERFIELD, Ill. Walgreens announced today that Roxanne Flanagan and Matt Sesto have been named vps in store operations.

Flanagan will oversee stores in the Memphis and Nashville markets, while Sesto will oversee the Bakersfield, Fresno and Sacramento districts in California, as well as stores in Sioux Falls, S.D., and Omaha and Lincoln, Neb.

Flanagan joined Walgreens in 1993 as a business management intern in Chicago while attending pharmacy school at Purdue University in West Lafayette, Ind. After graduation, she worked as a pharmacist until moving into store management. In 2003, she was promoted to district manager.

Sesto started his Walgreens career in 1988 as a stock clerk and continued working for the company while pursuing a pharmacy degree at the University of Wisconsin in Madison, Wis. After graduation, he managed several pharmacies before being promoted in 1999 to a district pharmacy supervisor. Sesto later entered store management and was named a store manager in 2001 and a district manager less than two years later.

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B&N appoints new legal head

BY CSA STAFF

NEW YORK Barnes & Noble Inc. Tuesday announced the appointment of Jennifer Daniels as vp, general counsel and secretary of the board of directors of Barnes & Noble Inc.

As general counsel and corporate secretary, Daniels will be responsible for all legal matters for Barnes & Noble Inc. and its subsidiaries, including coordination with outside counsel. She will provide guidance to the company and its board of directors on all corporate governance and Securities and Exchange Commission matters, including public disclosures.

Prior to joining Barnes & Noble, Daniels held senior positions in IBM’s legal department, where she served as an attorney for the past 16 years. Most recently, she was vp, assistant general counsel, and chief trust and compliance officer with worldwide responsibility for IBM’s legal and regulatory compliance.

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