Finance & Capital Management

Old Bridge, N.J. -- Driven by new big-box store closures, the vacancy rate in retail properties along northern New Jersey's six major shopping corridors edged up to 8.2% in April from 8.1% a year ago and 8.0% in 2010, according to R.J. Brunelli & Co.

Minneapolis -- Target Corp. said Wednesday its board approved the increase of its quarterly dividend by six cents, or 20%, to 36 cents. The chain will pay the dividend on Sept. 10 to shareholders of record as of Aug. 15.

Target Corp. has paid a dividend every quarter since going public in 1967.


 

New York -- Barnes & Noble Inc. founder and chairman Leonard Riggio agreed on Wednesday to forgo $29 million from a sale of one of his companies to the book retailer in order to settle a shareholder lawsuit, according to court documents, Reuters reported.

The lawsuit goes back to a 2009 agreement by the chain to buy back Barnes & Noble College Booksellers Inc. for $514 million from Riggio.

New York -- Francesca's Holdings Corp.’s first-quarter performance surpassed expectations, helped by strong demand for its product. The chain’s earnings more than doubled to $8.7 million.

Net sales increased 48.6% to $61.3 million. Same-store sales rose 15.5%.

Hingham, Mass. -- The Talbots Inc. said private-equity firm Sycamore Partners extended the date of the commencement of its offer to buy the women's apparel retailer by two days.

Sycamore will now begin its offer for all outstanding Talbots' shares on June 15, Talbots said in a statement.
 

Suffern, N.Y. -- Ascena Retail Group Inc. announced it has successfully completed its tender offer for Charming Shoppes Inc.'s outstanding shares.

Ascena announced in May it that was buying Charming Shoppes, whose banners include Lane Bryant, Fashion Bug,  and Catherines Plus Sizes, for about $890 million.

Charming Shoppes will become an Ascena subsidiary and will stop trading on the Nasdaq and Chicago Stock Exchange once the transaction is complete. Ascena’s retail subsidiaries include Dressbarn, Maurices and Justice.

Ankey, Ohio -- Casey's General Stores Inc. reported that its fiscal fourth-quarter profit fell short of expectations due to weak margins on gasoline sales.

The convenience store operator said that it earned $23.1 million for the quarter that ended April 30, up from $22.8 million last year. Revenue increased 13% to $1.75 billion.

Casey's said that its gas margins were down nearly two cents per gallon compared with last year. However, the company said it was able offset that with strong sales and margin gains inside its stores.

Conshohocken, Pa. -- Ikea has announced plans to install solar energy panels on two distribution centers in the Eastern United States. Installation will occur this summer on the chain’s center in Perryville, Md., and Westampton, N.J. Both projects will rank among the largest commercial rooftop solar installations in the United States, and their implementation will extend the Ikea solar presence to nearly 89% of its U.S. locations.

Sidney, Neb. -- Cabela's Inc. announced that, effective January 1, 2013, Joseph M. Friebe, executive VP and president and CEO of the chain’s World’s Foremost Bank, will transition from his current positions and will become a special advisor to the CEO of the bank through 2014, when he plans to retire.

“Under Joe’s leadership, the Cabela’s Club Visa program has posted industry-leading results, which have contributed greatly to our strategic growth,” said Tommy Millner, Cabela's CEO.

New York -- Michael Kors Holdings Ltd. said Tuesday that its fiscal fourth-quarter net income more than tripled as the company opened new stores and demand grew for its fashions and accessories.

For the three months through March 31, Michael Kors earned $43.6 million, up from $13.6 million in the same quarter last year.

Revenue rose 58% to $380 million, from $240 million. Same-store sales jumped 36%.

Michael Kors opened 71 stores this year, bringing its store count to 237. Retail sales rose 80% to $172.2 million.