News

New Chief at 7-Eleven

BY CSA STAFF

Dallas, 7-Eleven, Inc. named Joseph M. DePinto president and CEO of the company effective Dec. 1. DePinto will replace Jim Keyes, who retired from the company earlier this month. DePinto will oversee all strategic, operational and financial aspects of the company, and will report to Toshifumi Suzuki, chairman and CEO of Seven-Eleven Japan Co., Ltd. DePinto, 43, is returning to 7-Eleven from GameStop Corp., one of the world’s largest video-game and entertainment software retailers, where he has served as president since March 2005. Before joining GameStop, DePinto was VP of operations at 7-Eleven.

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News

PriceSmart Narrows Loss for 4Q, Year

BY CSA STAFF

San Diego, PriceSmart Inc. narrowed its operating loss from $3.1 million to $465,000 in its in its fourth quarter ended Aug. 31. Net sales grew 18.6% to $155.4 million.

For the fiscal year, PriceSmart recorded an operating loss of $5.3 million, vs. a $6.7 million loss the previous year. Net revenues grew 13.7% to $618.8 million for the fiscal year.

The warehouse club retailer also announced the opening of its fourth location in Costa Rica, and the acquisition of a Panama City commercial center that already houses a PriceSmart club, plus additional commercial property that the merchant plans to develop.

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OPERATIONS

Verizon Calling BJ’s

BY CSA STAFF

Bedminster, N.J., Verizon Wireless has announced a deal with BJ’s Wholesale Clubs Inc. to install Verizon shops in more than 128 BJ’s locations. The in-store shops will sell phones, accessories and a variety of service plans and also accept bill payments. Verizon will be responsible for the operation and maintenance of the kiosks.

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