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Kenneth Cole acquires LeTigre sportswear brand

BY CSA STAFF

New York Kenneth Cole Productions Inc., a fashion company that designs, sources, and markets a broad range of footwear, handbags, and accessories, announced yesterday its acquisition of Le Tigre LLC and all of the brand’s intellectual property.

According to the Kenneth Cole Web site, the company will continue to have LeTigre manufacture its sportswear under its name and with its renowned logo.

“We are pleased to add such a strong and internationally respected brand to our portfolio,” said chairman and ceo Kenneth Cole. “We believe there is significant upside for the company, specifically through various licensing opportunities as well as through the introduction of men’s, women’s and children’s footwear.”

The company’s cfo said that adding the LeTigre brand to the company’s portfolio will expand their category market dramatically.

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Best Buy 2Q revenue boosted by store growth

BY CSA STAFF

MINNEAPOLIS Best Buy today reported revenue of $8.8 billion for the second quarter ended Sept. 1, an increase of 15% compared with $7.6 billion for the prior year’s period. The company attributes the rise in revenue to new U.S. store openings, strong growth in the international segment and a company comparable-store sales gain of 3.6%.

The company reported net earnings for the quarter of $250 million, or 55 cents per diluted share, an increase of 17% over net earnings of $230 million, or 47 cents per diluted share, for the prior-year period. 

 

“We’re pleased with the strong outcome that our dedicated employees delivered for the quarter,” said Brad Anderson vice chairman and ceo of Best Buy. “Our results were better than we expected, as we continued to adapt to the marketplace and changes in customer needs.”

Best Buy said that it is updating its fiscal 2008 diluted EPS outlook to be in the range of $3.00 to $3.15 and for comparable-store sales to be near the middle of its range of 3% to 5%.  

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Long-time DeCA ceo to retire in October

BY CSA STAFF

Fort Lee, Va. Defense Commissary Agency announced that after nearly 30 years of service, Patrick Nixon, director and ceo of the company, will retire effective Oct. 27.

Nixon has served the past three years as DeCA’s acting director and its director and ceo, after being appointed ceo in 2001. He is the agency’s first career civil servant to have been appointed DeCA director.

 

“The decision to retire was certainly not an easy one,” Nixon said. “I have enjoyed every job, every friendship and every challenge. I started this ride in 1966 with a three-year enlistment in the United States Marine Corps that included a 21-month tour in Vietnam with the 1st Marine Division. I gave my heart pretty early on to the men and women of our country’s armed forces and I have been truly fortunate to have assumed a progressively active leadership role in providing the premier quality of life benefit to our country’s most deserving customers and their families around the world.”

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