FINANCE

Luxottica Q4 profit up 88%

BY CSA STAFF

New York City — Luxottica Group SpA said Monday its fourth-quarter net profit rose 88%. The Milan, Italy-based parent of the Sunglass Hut and Lens Crafters chains predicted a strong 2011 as consumers return to high-end brands.

The company said its net profit increased to €55.1 million ($75.8 million) in the final three months of 2010.

Luxottica will continue to expand its Sunglass Hut division in 2011, and expects to add 270 Sunglass Hut locations globally.

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FINANCE

Macy’s sells back stake in The Knot

BY CSA STAFF

New York City — The Knot, a media company that targets brides-to-be and pregnant women, said Monday that Macy’s has sold back its 10.7% stake in The Knot for $37.7 million.

The Knot did not give a reason for the repurchase and said it is part of a previously announced $50 million buyback plan.

The sale doesn’t affect the companies’ advertising and wedding registry agreements: The Knot will continue to direct wedding-minded readers to Macy’s and Bloomingdale’s registries, and Macy’s will keep advertising in The Knot’s media properties.

Peter Sachse, Macy’s chief marketing officer and head of its website, will remain on The Knot’s board.

The Knot runs nearly 20 websites, including the theknot.com, and it publishes magazines and books about wedding planning. It also has created television specials for the Style Network.

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FINANCE

Best Buy offers free delivery, 18-month no-interest financing on appliances

BY CSA STAFF

Minneapolis — Best Buy Co. announced it will free delivery and no interest financing if paid in full within 18 months on all appliance purchases over $429.

In order to qualify, the transaction must include at least one major appliance being delivered. Customers can select the form of payment of their choice and are not required to put their purchase on 18-month financing to receive the free delivery. Interest will be charged to an individual’s account from the purchase date if the purchase balance is not paid in full in 18 months or if a late payment is made. Best Buy will also haul-away and recycle the old appliances for no additional charge.

Buying appliances can be a pretty stressful experience for customers,” said Kevin Balon, senior VP, general manager of home appliances for Best Buy. “Having the ability to opt-in for both free standard delivery and 18-month interest free financing gives our customers more options and makes the shopping experience a little easier.”

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