Finance & Capital Management

New York -- General Electric Company on Friday announced it will sell or spin off the majority of its $500 billion GE Capital finance business over the next two years as it looks to simplify and concentrate on its industrial roots. The company said it will keep its aircraft leasing operation and smaller lending lines.

GE said it has sold its real-estate assets, which include commercial loans and office buildings, for $26.5 billion, with  Wells Fargo & Co. and private equity firm Blackstone Group buying the bulk of it.

The National Retail Federation is investing millions of dollars into research for the retail industry by creating a new center.

NRF plans to form a new department called the Retail Research and Analysis Center to bring together all existing research within NRF and expand upon the wide range of issue areas and trends already studied. The center will focus on four main areas: the economy, legislative and regulatory policy, the retail industry and consumers.

San Francisco – Strong same-store sales growth at Old Navy helped drive a 1% increase in net sales at Gap Inc. to $1.53 billion in March 2015, compared with net sales of $1.51 billion for the same month the previous year.

Gap Inc.’s overall same-store sales were up 2%. The company said that the earlier timing of the Easter holiday peak shopping weeks in 2015 benefited March sales results and will likely negatively impact its April sales results.

Petco has filled two key executive roles as it continues to build a team to successfully execute key strategic initiatives.

The company has named Michael M. Nuzzo as EVP and chief financial officer and Michael W. Zuna as SVP and chief marketing and digital officer.

San Diego -- Petco announced it has named Michael M. Nuzzo as executive VP and CFO.  Before joining Petco, Nuzzo served as chief administrative officer of the baby gear brand, 4moms. Previously, he served as CFO and executive VP at GNC Holdings, and in various leadership roles at Abercrombie & Fitch.

L Brands continued to be a bright spot in specialty retail in March, reporting a 9% increase in same-store sales.

The company said an earlier Easter and the spring break season helped its March sales increase 6% from the year before. L Brands is the owner of Victoria’s Secret, Bath & Body Works and its own eponymous brand. The company reported brisk sales at Victoria's Secret and Bath & Body Works in March.

San Diego – Net income at PriceSmart Inc. fell 12% to $24.83 million during the second quarter of fiscal 2015, from $28.28 million in the same period a year earlier. Increased operating expenses helped cut profit even as revenues grew 10% to $750.3 million, from $674.38 million.

PriceSmart also attributed the drop in net income to the devaluation of the Colombian peso.

The parent company of Safeway and Albertson's has promoted its executive chairman and created a four-person Office of the CEO.