Finance & Capital Management

Same store sales increased 2.1% at Rite Aid in May thanks in large part to growth in the retailer's pharmacy division.

Minneapolis – The corporate restructuring that has led Target Corp. to lay off 17.600 Canadian workers and 2,200 U.S. workers has reportedly hit the retailer’s Indian operation. According to the Minneapolis/St. Paul Business Journal, Target has laid off 180 Indian employees and closed 125 open positons in India this week.

Target has pledged to eliminate several thousand positions, many from its corporate headquarters in Minneapolis, as part of a $2 billion restructuring plan instituted by CEO Brian Cornell.

 

The Michaels Companies overcame weak same store sales growth to deliver strong profit growth in the first quarter.

The Texas-based retailer reported that for the first quarter ended May 2 its net income increased to $67 million or 32 cents per share from $47 million or 25 cents per share in the prior-year quarter. Net sales for the quarter grew 2.4% to $1.08 billion from $1.05 billion in the same quarter last year. Same store sales increased by 0.3%.

Bentonville, Ark. - Sam’s Club is partnering with SmartBiz as the exclusive platform for SBA-guaranteed loans for Sam's Club Business Lending Center, a digital platform for small businesses. As a Business Lending Center participant, SmartBiz will provide qualifying Sam's Club business members with SBA loans.

Philadelphia – Five Below Inc. reported healthy profit and sales gains in the first quarter of fiscal 2015 and is planning to open 155 stores in the next two fiscal years. The retailer’s net income totaled $4.28 million, up 39% from $3.08 million a year earlier.

Higher gross profit and the elimination of debt extinguishment loss helped Five Below reach above in net income. Five Below plans to open 70 stores and enter six new states in 2015, and plans 85 openings for 2016.

Gap Inc. is eyeing the 110,000-sq.-ft.

Gainesville, Fla. - The developer of Celebration Pointe, a 225-acre mixed-used regional development located in Gainesville, Florida, has secured a $125 million construction loan for Phase I of the project.  Celebration Pointe partner Ralph Conti made the announcement.

“We are very pleased to have secured this key piece of our capital stack,” said Celebration Pointe partner Ralph Conti.   

Fred's Super Dollar increased sales in May, one month after joining forces with specialty pharmacy operator EntrustRx.