Finance & Capital Management

Bloomfield Hills, Mich. -- Taubman Centers said Thursday that it will begin construction this summer on its 640,000-sq.-ft. Mall of San Juan, in San Juan, Puerto Rico.

Formerly known as Plaza Internacional, The Mall of San Juan will be a state-of-the-art, two-level, enclosed mall anchored by a 138,000-sq.-ft. Nordstrom and a 100,000-sq.-ft. Saks Fifth Avenue. It will be the first upscale mall on the island and the first and only location in Puerto Rico for both Nordstrom and Saks. 

Anaheim, Calif. -- Pacific Sunwear of California reported Thursday a loss of $15.6 million, narrowed from a loss of $28.7 million in the year-ago period.

Sales edged up to $173.8 million from $171.9 million, and same-store sales increased 1%.

Secaucus, N.J. -- The Children's Place reported Thursday that net income for the first quarter slid 19% to $23.6 million from $29.1 million last year, but beat Wall Street forecasts and prompted the retailer to raise the low end of its full-year outlook.

Revenue rose 2% to $438.5 million from $430.8 million, widely missing Wall Street’s expected $447.7 million in revenue, and same-store sales dipped 0.7%.
 

Does J.C. Penney have time on its side? Or to put it another way: How long will investors wait for J.C. Penney’s transformation? Because, based on the chain’s awful first quarter, it doesn’t appear to have even taken root yet. I’m not surprised.

Hoffman Estates, Ill. -- Sears Holdings Corp. reported Thursday that it generated a profit of $189 million for the quarter ended April 28, after losing $170 million in the same period last year. The improvement was due largely to a $233-million gain from selling off some of its stores.

Pleasanton, Calif. -- Ross Stores reported Thursday that net income for the first quarter surged 21% to $208.6 million, from $173 million in the same period last year.

Sales increased 14% to $2.4 billion, and same-store sales rose 9%.

“We believe that favorable weather across many of our markets also contributed to our above-plan performance," said Michael Balmuth, CEO, about the results.

Columbus, Ohio -- Limited Brands Inc. reported Wednesday a first-quarter profit of $124.6 million, compared with $165.2 million in the year-ago period. Results topped Wall Street estimates.

Net sales slipped to $2.15 billion from $2.22 billion, and same-store sales increased 7%.
 

Winnipeg, Manitoba -- Canadian denim company Silver Jeans Co. said Thursday it will expand its branded stores in the United States, and has created a new retail division to execute the strategy.

Silver Jeans Co. said it will launch the plan with a new store opening in early 2013, joining the only store currently open here at Park Meadows Mall in Denver.

Bentonville, Ark. -- Wal-Mart Stores Inc. reported a better-than-expected 9.2% increase in first-quarter profit on increased sales in the United States and a strong performance abroad.

Wal-Mart earned $3.74 billion in the quarter ended April 30, 2012, up from $3.39 billion period. 

MINNEAPOLIS — The president of Shoppers Food and Pharmacy will transition to a new role, parent company Supervalu announced Tuesday.