Finance & Capital Management

Minneapolis – Target Corp. has agreed to pay almost $4 million in fines for overcharging customers at stores in Contra Costa, Sonoma, Marin, Santa Cruz and Fresno counties in California. The payment will settle a complaint filed by the San Diego City Attorney’s Office in conjunction with the district attorneys of the affected counties.

The complaint said that Target charged consumers more money at the cash register than was advertised on price tags in aisles, and also misrepresented the weight of packaged food.

New York -- In a big loss for American Express, Costco Wholesale Club will no longer accept American Express cards at its U.S. stores starting on March 31, 2016, ending a 16-year-old exclusive relationship with the credit card giant. Costco is one of the few big U.S. retailers that accepts only American Express cards, with by Visa Inc., MasterCard Inc. and Discover Financial Services cards not accepted at its stores.

Washington, D.C. -- Retail sales (excluding automobiles, gas stations, and restaurants) will increase 4.1% in 2015, up from 3.5% in 2014, according to the National Retail Federation’s 2015 economic forecast. The increase would mark the biggest annual growth since 2011 when retail sales for the year increased 5.1%. Non-store sales in 2015 are expected to grow between 7% and 10%.

Jo-Ann Fabric and Craft Stores has named a new chief executive after announcing the search for a new leader in August.

The company announced the appointment of Jill Soltau as president, chief executive officer and a member of the board of directors of the company, effective March 2. Jim Kerr, who served as interim CEO, will continue as EVP and CFO of the company.

The CEO of Cabela’s is blaming marketing costs for the company’s weaker earnings in the fourth quarter.

For the quarter, total revenue increased 7.2% to $1.3 billion; retail store revenue increased 13.9% to $810.6 million; direct revenue decreased 5.4% to $349.9 million; and financial services revenue increased 9.9% to $113.3 million. During the period, same store store sales decreased 5.5%.

New York -- Retail sales fell 0.8% in January, more than forecast, amid smaller receipts at gas stations due to plummeting fuel costs and declines at apparel and sporting goods stores, according to the U.S. Commerce Department. It was the second straight month of decline, suggesting consumers still remain cautious when it comes to spending. Sales excluding automobiles, gasoline, building materials and food services edged up 0.1%, also less than forecast, after being flat in December.

Seattle - A significant increase in selling, general and administrative expenses, as well as higher marketing expenses, helped plunge net income at pure play retailer Zulily Inc. below Wall Street expectations during the fourth quarter of fiscal 2014. Net income fell 15% to $10.88 million from $12.75 million.

Laurel, Md. -- Greenberg Gibbons announced that Carter’s and OshKosh B’Gosh are opening a combined store at Towne Centre at Laurel, the new $130 million destination on Route 1 in Laurel, Maryland.

Carter’s and OshKosh B’Gosh will open a 7,077-sq.-ft. store in April 2015.