OPERATIONS

Trans World names new CFO

BY Staff Writer

Albany, N.Y. — Trans World Entertainment Corp. announced it has named Tom Seaver as CFO, effective immediately.

Seaver, most recently held the position of VP – strategic planning and previously held the position of VP – finance global PMC.

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FINANCE

Safeway raises stock repurchase program

BY Staff Writer

Pleasanton, Calif. — Safeway said its board of directors increased its stock buyback authorization by $1.0 billion, to $8.0 billion.

The supermarket operator said it had repurchased $6.1 billion of its stock through the end of the third quarter and had about $0.9 billion remaining under the buyback program at that time.

The repurchase authorization does not have an expiration date, Safeway said in a statement.

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FINANCE

comScore: Cyber Monday spending hits $1.25 billion

BY Marianne Wilson

New York City — comScore reported that Cyber Monday sales totaled $1.25 billion, up 22% from last year, making it the heaviest online spending day in history. Overall, 10 million people bought online on Cyber Monday, representing the first time on record that threshold has been reached in a single day. The average online buyer conducted 1.9 online transactions on Cyber Monday for a total of nearly $125 in spending.

For the for the first 28 days of the November – December holiday season, total online retail spending reached $15 billion, a 15% increase versus the corresponding days last year, according to comScore.

"Looking forward to the balance of the season, it will be very important to continue to monitor the trend in consumer spending to determine the degree to which retailers’ heavy promotional activity at the beginning of the shopping season, and consumers’ encouraging response, has pulled forward consumers’ future buying,” said comScore chairman Gian Fulgoni. “When all is said and done, it will also be vital to see whether retailers’ deals and price discounting, which consumers are now able to discover via so many different digital media channels, will have a negative impact on retailers’ margins this holiday season."

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