ECOMMERCE

IAC Completes Cornerstone Purchase

BY CSA STAFF

New York City, IAC/InterActiveCorp, the operator of HSN, has completed its purchase of the Cornerstone Brands portfolio of print catalogs and e-retail sites. The transaction is valued at $720 million.

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News

Gap Administrative and Compliance Exec Resigns

BY CSA STAFF

San FranciscoSan Francisco, Gap Inc. says that Ann Gust will resign as the retailer’s executive VP, chief administrative officer and chief compliance officer effective May 13. She has been with the retailer for 14 years.

Gust’s compliance responsibilities will fall to Lauri Shanahan, who also will continue to serve as executive VP, general counsel and corporate secretary. Gust’s chief administrative responsibilities will be divided among several executives at Gap including executive VP and CFO Byron Pollitt.

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FINANCE

Deb Shops Boosts Income, Rex Stores Struggles

BY CSA STAFF

Philadelphia, Deb Shops Inc. reported preliminary fourth-quarter net income of $10.6 million, up 23.3% from the same quarter the year before. The improvement was supported by a 2.4% gain in sales to $82.6 million. For the year, Deb Shops posted a 39.8% gain in net income to $17.9 million and a 1.7% lift in net sales to $303.8 million.

In other earnings news, Dayton, Ohio-based consumer electronics retailer Rex Stores Corp. posted net income of $16.8 million in its recently completed fourth quarter, down 1.7% from the year before. Sales fell 4% to $125.4 million in the quarter, due in part to a 2% dip in same-store sales. For the year, the retailer’s income remained flat at $27.5 million. Sales declined 3.5% to $391.3 million on same-store sales shrinkage of 2%.

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