FINANCE

Online Retailers Expect 15% Holiday Sales Jump

BY CSA STAFF

Washington D.C. More than half of online retailers (56.1%) expect their holiday sales to increase at least 15% over last year, according to results of the 2008 eHoliday Study, conducted by Shopzilla for Shop.org.

However, the rate of growth is slowing: three-fourths (77.5%) of retailers surveyed last year expected their sales to grow more than 15%.

“Online retailers are resilient, but not immune, to the challenges of this holiday season,” said Scott Silverman, executive director of Shop.org. “Retailers will be heavily promotional to attract shoppers on a budget, but have also invested in new site features to improve the online buying experience.”

Despite an increase in transportation costs, retailers do not plan to cut back on popular free-shipping promotions.

This year, the majority of retailers (78%) plan to offer free shipping with conditions at some point during the holiday season, consistent with last year’s levels.

Retailers are compensating for increased shipping costs by renegotiating terms with shipping providers (40.4%), closely managing company headcount (33.3%), and reducing other promotions (15.8%).

In addition, one-fifth (21.3%) of retailers said they will require a higher purchase amount for customers to be eligible for free shipping and one in ten (10.6%) will cut back on usage of free shipping with no conditions.

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New cfo named at Proctor & Gamble

BY CSA STAFF

CINCINNATI Jon Moeller, currently vp and treasurer of Proctor & Gamble, has been elected cfo, effective Jan. 1, 2009. Clayton Daley, Jr., vice chairman and cfo, will retire effective Sept. 16, 2009, after 35 years of service. He will step down as cfo on Jan. 1, 2009.

Moeller most recently served as treasurer of Proctor & Gamble where he established the capital structure, cash management and AA- credit rating that have put P&G in a strong financial position for the near and long term, the company reported.

 

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Bacardi names new cfo

BY CSA STAFF

MIAMI Bacardi U.S.A. has named Michael Misiorski senior vp and cfo.

Misiorski joins Bacardi U.S.A. from Absolut Spirits Co. where he was vp of finance and cfo. While at Absolut, Misiorski led a number of departments including human resources and operations, and oversaw tax reporting, budgeting and a range of other responsibilities in addition to his financial role.

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