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Retail Sales Drop Sharply in August

BY CSA STAFF

Washington, D.C., U.S. retail sales dropped by a greater-than-expected 2.1% in August, the sharpest drop in almost four years, after car purchases collapsed from July’s near record-level, government data showed today. Sales excluding autos climbed a stronger-than-expected 1.0%. Much of the rise was a pure price effect due to high gasoline prices. Retail sales excluding motor vehicles and gasoline gained 0.5% following an unchanged reading in July.

The Commerce Department said it could not quantify the impact of Hurricane Katrina but said it would have been small because the storm-impacted region accounted for little more than 1% of total national sales.

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SmartBargains Names New CEO and President

BY CSA STAFF

Boston, Off-price e-retailer SmartBargains named Benjamin Fischman as president and CEO. Fischman previously headed the company’s marketing and sales efforts. Prior to joining SmartBargains, he founded Lids Inc., a specialty hatwear retailer.

SmartBargains also announced that it has received a commitment for $18 million in equity funding from its investors, including Highland Capital Partners, Maveron, General Catalyst, Gordon Bros. and Time Warner.

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SmartBargains Names New CEO and President

BY CSA STAFF

Boston, Off-price e-retailer SmartBargains named Benjamin Fischman as president and CEO. Fischman previously headed the company’s marketing and sales efforts. Prior to joining SmartBargains, he founded Lids Inc., a specialty hatwear retailer.

SmartBargains also announced that it has received a commitment for $18 million in equity funding from its investors, including Highland Capital Partners, Maveron, General Catalyst, Gordon Bros. and Time Warner.

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Consumer confidence is high. Is that reflected in your stores’ revenues?

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