Finance & Capital Management

San Diego, Calif. -- Warehouse club operator PriceSmart reported Wednesday that net income for the quarter ended Aug. 31 rose to $17.7 million from $12.7 million in the year-ago period.

Total revenue rose to $515.5 million from $447.4 million.

Boca Raton, Fla. -- Office Depot Inc. said Tuesday it has approved a poison pill defense to preclude investor Starboard Value LP from waging a takeover of the company.

The activist investor became the office-supply retailer’s largest shareholder last month and has begun pushing for changes.

The poison pill is a shareholder rights plan that would give its investors additional shares if one entity surpasses 15% ownership. Starboard owned 14.8% as of Oct. 12.

Paris -- A Tuesday report by Women’s Wear Daily said that sporting goods retailer IIC-Intersport International Corp. will acquire 100% of The Athlete’s Foot, expanding Intersport’s presence to 63 countries from its current 41.

New York -- Fifth & Pacific Cos.-owned Kate Spade said Wednesday it has completed the acquisition of joint-venture partner Sanei International Co.’s 51% interest in Kate Spade Japan Co.

Kate Spade Japan was a joint venture that was formed between Sanei and Kate Spade in August 2009. Kate Spade Japan operated the Kate Spade and Jack Spade businesses in Japan, and Kate Spade will continue to operate the businesses in Japan though its Japanese subsidiary.

The purchase price was $47.6 million.

Chicago -- Claire's Stores Inc. said Tuesday that it has opened its first stores in Venezuela and Panama; the Venezuelan store opened on Oct. 12 in Sambil Paraguna Mall in Punto Fijo and the Panama store opened Oct. 27 at Metro Mall.

Claire's has partnered with locally headquartered Grupo David Enterprises as the single franchisee across 16 countries in Latin America. Over time, Claire's said it expects these countries to present a minimum 100 stores market opportunity.

 

Commerce, Mich. -- Health and wellness retailer LaVida Massage said Tuesday it will have opened at least 13 new franchised units before the end of 2012. Another eight are slated to open in early 2013.

LaVida currently operates 45 centers nationwide. 

Our rapid expansion continues to yield strong results for LaVida, despite a struggling economy,” said Evan Kaltschmidt, COO.

The new centers are located in California, Georgia, Illinois (2), Michigan (3), New Jersey, New York, Ohio, Pennsylvania, Texas and Virginia.

Greensboro, N.C. -- RioCan Real Estate Investment Trust and Tanger Factory Outlet Centers announced Tuesday they will acquire two outlet centers in the Montreal area.

The pair will co-purchase Les Factoreries St. Sauveur and Bromont Outlet Mall for about $94.7 million Canadian dollars.

RioCan will provide development and property management services and Tanger will provide leasing and marketing services.  The properties will be rebranded as Tanger Outlets.

Both transactions are slated to close in November 2012.

Deerfield, Ill. -- Walgreens said Tuesday it has formally set up a new company, jointly owned with Alliance Boots, as part of the strategic partnership’s synergy program.

The new company, called Walgreens Boots Alliance Development GmbH, is based in Bern, Switzerland.

Red Bluff, Calif. -- Walmart's wind turbine at its distribution center in Red Bluff, Calif., is now operational. The wind turbine is Walmart's first onsite industrial-sized wind turbine and will generate approximately 2,200,000 kilowatt-hours of power, providing up to 20% of the distribution center's annual electricity use. U.S. House Representative Wally Herger joined local officials, as well as Walmart and Foundation Windpower executives, to commemorate the pilot project.