Finance & Capital Management

Target’s second quarter sales increased 3.5% to $16.5 billion and the company’s profits grew 2.9% to $1.06, five cents better than analysts expected.

The company’s second quarter results were negatively affected by pre-opening expenses related to next year’s entry into Canada. Excluding those expenses, Target said its profits would have increased 4.6% to $1.12 compared to $1.07 last year. Including expenses related to Canada, Target increased its full year profit forecast to a range of $4.20 to $4.40 from an earlier guidance range of $4.10 to $4.30.

Minneapolis -- Supervalu announced that it is restructuring its executive leadership team to ensure alignment around the company’s goals and to better drive and execute the company’s business turnaround.

Minneapolis -- Supervalu announced that it is restructuring its executive leadership team to ensure alignment around the company’s goals and to better drive and execute the company’s business turnaround.

Hong Kong -- Taubman Asia confirmed a joint venture agreement between Taubman TCBL and Beijing Wangfujing Department Store (Group) Co., Ltd (Wangfujing), one of China's largest department store chains.
 
The joint venture will own a controlling interest in and manage a shopping center to be located at Xi'an Saigao City Plaza, a large-scale mixed-use development in Xi'an, China, which is developed by Shaanxi Fuli Real Estate Development Co. Ltd. This is the first retail development by Taubman TCBL in China since the company was formed in late 2011.

SIDNEY, Neb. -- Cabela's Inc. said that it plans to build a 50,000-sq.-ft. store in Regina, Saskatchewan, Canada. It will be the anchor tenant in the new Grasslands Shopping Centre being developed in Regina.

The new store, which will be the retailer's fourth location in Canada, is expected to in fall 2013 or spring 2014. The company will open a store in Rogers, Ark., on Aug. 30, and Union Gap, Wash., on Oct. 4.

Hampstead, Md. -- JoS A. Bank Clothiers reported that its earnings in the second quarter rose 12.7% to $23.2 million, from $20.6 million a year earlier, easily beating analysts projections. The retailer said it plans to open about 45 to 50 stores each in fiscal 2012 and 2013.

Total sales in the quarter rose 12.9% to $260.3 million. Sales in the company's direct marketing segment, which consists of the Internet and catalog call centers, rose 39.3%.Same-store store sales increased 6.1%.

GREENSBORO, N.C. -- The Fresh Market Inc. said Wednesday that its second-quarter net income surged 27%. The company also lifted its profit outlook for the year.

For the quarter ended July 29, Fresh Market earned $13.3 million, up from $10.5 million in the same period last year.

Revenue rose 21% to $313 million as the number of shopper purchases rose 5% and the average amount spent rose 3%. Same-store sales rose 8%.

Nashville, Tenn. -- Genesco Inc.'s profit topped estimates for the eighth quarter in a row amid increased store traffic. The company raised its full-year earnings outlook for the second time this year.

Genesco, which operates stores under such banners as Journeys, Lids, Johnston & Murphy and Schuh banners, said its adjusted quarterly profit rose to $12.1 million from $5.2 million in the year-ago period.

Revenue rose 15% to $543.5 million.Same-store sales were up 4%.

NEW YORK — Ralph Lauren has named Christopher Peterson as SVP and CFO. Peterson will assume his new role effective Sept. 24, and his areas of responsibility will include the company’s global finance and information technology organizations. He will report to Roger Farah, president and COO.

Canton, Mass. -- Dunkin' Donuts announced the signing of multi-unit store development agreements with four franchise groups to develop 29 new restaurants in Houston and Waco, Texas, over the next several years.