Finance & Capital Management

Target’s annual shareholders’ meeting will be held June 9 in downtown Chicago at the location of a soon-to-open CityTarget store on State Street. The venue is an interesting choice that speaks volumes about the potential for the new urban format.

Retailers are in business to sell products customers want, except when they’re not, which appears to be the case with the retailer’s decision to stop selling Amazon.com’s hugely popular Kindle devices.

Target has done quite well for itself in California, but that doesn’t mean it’s been easy. Ironically, the state with the most extensive network of Target stores also happens to be the one identified as the worst state in which to do business, according to a recent survey.

New York -- Edward Lampert, chairman of Sears Holdings, presented an ambitious plan on Wednesday to improve the company’s performance that includes updating store layouts and signage and investing in its rewards program, Reuters reported.

“We are not here to just survive. We are here to transform,” Lampert told shareholders at the company's annual meeting, according to the report.

Sears is focusing on better inventory management, having the right fashions and being more customer friendly, the report said.

Philadelphia -- McDonald’s and Wal-Mart Stores are among the Top 20 companies in the world for leadership, taking the No. 6 and No. 8 spots respectively, according to an annual study by global management firm Hay Group. The two chains were the only retailers to make the list.

Redlands, Calif. -- Atlanta-based Arby's Restaurant Group has licensed Esri’s Business Analyst software and business data to help with corporate decision making. Arby's is using the location-based system to more accurately assess its restaurants and trade areas including growing, remodeling, and relocating restaurants.

"Esri's Business Analyst has saved our GIS analyst countless hours and has had a positive impact on the Business Development department," said Dave Conklin, senior VP business development, Arby's Restaurant Group.

New York -- The retail industry is still assessing the impact of two major deals that occurred within 24 hours of each other. On Tuesday, May, 1, shoe manufacturer Wolverine Worldwide Inc. and equity firms Blum Capital Partners and Golden Gate Capital agreed to acquire footwear giant Collective Brands Inc., operator of Payless Shoe Source, in a deal valued at $2 billion, including assumption of debt. And on Wednesday, May 2, Ascena Retail Group said it will acquire Charming Shoppes Inc., parent company of Lane Bryant, for about $890 million.

Woonsocket, R.I. -- CVS Caremark reported Wednesday that profit for the quarter ended March 31 rose 9% to $776 million, compared with $713 million in the year-ago period.

Revenues surged 20% to a record $30.8 billion boosted by rival Walgreen’s termination of its Express Scripts program, which moved Walgreen customers over to CVS. The results beat Wall Street’s expected $30.3 billion in revenue for the quarter.

Same-store sales climbed more than 8%.

Brampton, Ontario -- Canadian grocery chain Loblaw Cos. reported Wednesday that net income for the first quarter plummeted 22% to $128 million, compared with $156 million in the year-ago period. The country’s largest food retailer was squeezed by higher costs and heightened competition as Wal-Mart Stores continues its march into Loblaw territories.

Revenues for the quarter edged up .9% to $7.02 billion. Same-store sales dipped 0.7%.

St. Petersburg, Fla. -- Multichannel shopping retailer HSN Inc. reported Wednesday that net income for the quarter ended March 31 climbed 29% to $26.2 million, from $20.3 million in the year-ago period.

Results were boosted by robust sales from its Cornerstone unit, which includes banners such as Ballard Design, Frontgate and TravelSmith.

Revenue overall rose 5% to $747.3 million. Cornerstone saw an 11% sales rise to $205.4 million. HSN segment sales were up 3% to $541.9 million.