Netflix profit surges 36% in Q4
San Francisco Netflix’s fourth-quarter profit grew 36% as its DVD-by-mail service surpassed 12 million subscribers.
The results announced Wednesday reflect the growing popularity of Netflix plans that bundle DVD rentals with unlimited video streaming over the Internet for as little as $9 per month.
Netflix added more than 1.1 million customers during the quarter — the most in any three-month period during its 11-year history.
The company earned $30.9 million in the quarter, compared with $22.7 million in the same period of 2008.
Revenue climbed 24% to $445 million.
Borders chief resigns
ANN ARBOR, Mich. Borders announced that Ron Marshall has resigned as president, CEO and a director of the company, effective immediately, to accept the role of CEO at another retailer.
The company has named EVP and chief merchandising officer Michael Edwards as the interim CEO. Edwards is a 26-year retail veteran with CEO experience who joined Borders in September 2009 and has been leading the merchandising and marketing teams.
“We have a clear commitment to drive the top line at Borders Group and there will be no interruption of our strategic plans and efforts to focus with great energy and determination on this goal during the transition,” said Edwards.
Jo-Ann joins ArtFire to help artisans sell their wares
HUDSON, Ohio Jo-Ann Fabric and Craft Stores announced that it has partnered with ArtFire, an online artisan community, to provide sewers and crafters with the tools they need to create and sell their goods.
“By partnering with ArtFire, Jo-Ann is able to provide sewers and crafters all the tools they need to make and sell their products,” said Riddi Kline, SVP marketing, at Jo-Ann Fabric and Craft Stores. “In stores and online at Joann.com, customers can shop for all their materials and find inspiration for projects. Cards and gift wrap in our stores complete the process for those creating handcrafted gifts, and now, those customers who sell their creations can do so through the Jo-Ann community at ArtFire.com.”