FINANCE

J. Crew Turns to Profit in 2Q

BY CSA STAFF

New York, J. Crew Group on Wednesday posted a second-quarter net profit, helped by robust sales and higher gross margins.

The apparel retailer posted a quarterly net profit of $20.6 million compared with a net loss of $2.8 million a year earlier. Revenues increased 13% to $304.7 million. Same-store sales rose 16%.

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Philips restructures sales teams

BY CSA STAFF

ATLANTA According to a report by This Week In Consumer Electronics, Philips has decided to restructure its sales, marketing and support teams at its North American consumer electronics operations. The company, TWICE reported, has eliminated 19 positions and that Paul Zeven, ceo of Philips North America will become ceo of consumer electronics in North America.

In addition, according to TWICE, Stewart Muller, president of Philips consumer electronics North America, will now be in charge of Philips North American connected displays team. Andy Mintz, senior vp of audio/video, telephony and Magnavox-branded products, will now lead the team in charge of other Philips and Magnavox A/V categories.

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Acer joins Blu-ray Disc Association

BY CSA STAFF

BERLIN Acer has become the newest company to join the Blu-ray Disc Association. The company joins more than 170 content providers, consumer electronic and computer companies.

“We’re delighted to welcome Acer to the Blu-ray Disc Association,” said Victor Matsuda, chairman of the BDA’s global promotions committee. “The addition of Acer provides one more sign of the growing momentum behind Blu-ray Disc and, more importantly, is a significant advantage for consumers, as it further expands the already broad options available to consumers in the personal computer space.”

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