FINANCE

RedPrairie to Acquire StorePerform

BY CSA STAFF

Milwaukee, Wis., Supply chain software supplier Red Prairie Corp. has signed a deal to buy StorePerform Technologies, which will become part of its retail productivity solutions division.

StorePerform president Srikant Vasan will continue to provide business leadership for the StorePerform group, Denver, and no downsizing is planned due to the acquisition.

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OPERATIONS

Kline Named VP of Marketing at Jo-Ann Fabric and Craft

BY CSA STAFF

Jo-Ann Fabric and Craft Stores, the nation’s largest fabric and craft retailer, has promoted Riddianne (Riddi) Kline to VP, marketing. She will be responsible for the strategy and execution of all branding, marketing and promotional elements for the company, including advertising planning, creative, marketing support, and public relations.

Kline has been with Jo-Ann for four years, most recently as creative director. She has served other management positions for the company, including director of business management and media, and director of marketing programs. Prior to Jo-Ann, Kline held brand management and marketing positions at Kraft Foods, RadioShack and Michaels Stores.

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FINANCE

Best Buy Reports 3Q Net Income Jump, Profit Margin Fall

BY CSA STAFF

New York City, Best Buy Co. reported net income of $150 million for the fiscal third quarter ended Nov. 25, compared with $138 million a year earlier. Comp-store sales rose 4.8% for the quarter. The company also said revenue rose 16% to $8.47 billion, beating analysts’ average forecast of $8.45 billion. The addition of 227 new stores added during the past 12 months contributed to this gain.

Best Buy said its gross profit rate for the third quarter was 23.5% of revenue, down from 24.4% a year earlier.

Factors including increased sales of lower-margin products, such as notebook computers and video-game consoles, and hefty promotions during the Thanksgiving holiday shopping weekend, are likely attributed to the decline, according to the company.

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