Finance & Capital Management

Minneapolis -- Target Corp.’s plan to open 125-135 stores in Canada is rapidly taking shape, as the retailer has released the locations of its first 24 stores in the country.

As previously announced, Target purchased the leasehold interests of 189 sites currently operated by Zellers Inc.

The majority of Target’s initial two dozen stores will open in early 2013, and include four locations in Toronto (Centrepoint Mall, Cloverdale Mall, Shoppers World Danforth and East York Town Centre).

Greensboro, N.C. -- The Fresh Market said Thursday it has promoted Sean Crane to executive VP and COO, reporting directly to Craig Carlock, president and CEO.

Crane was previously senior VP store operations. In his new role, he will lead store operations, merchandising and marketing functions.
 

San Diego -- Warehouse club operator PriceSmart said Friday that net income for the quarter ended Nov. 30 edged down to $14 million, compared with $14.9 million in the year-ago period.

Net warehouse sales increased 24.1% to $468.3 million from $377.3 million, and total revenue rose to $478.7 million from $386.1 million.
 

MINNEAPOLIS — Joe Namath he’s not. Target chairman, president and CEO Gregg Steinhafel assured investors last month that December comps would exceed November’s 1.8% increase, but then Thursday morning reported a disappointing 1.6% increase and a reduced profit forecast.

In October of 2007, the U.K. newspaper, the Observer, reported that child workers, some as young as 10, were discovered working in an Indian textile factory in slave-like conditions to produce clothes for Gap Kids.  

NEW YORK — Macy’s Inc. announced a strategic plan on Wednesday to open new stores in select markets as well as to close a series of underperforming units. As part of the plan, five Macy’s department stores will be shuttered in spring 2012 – in Topeka, Kan.; Laurel, Md.; Parma, Ohio; Antioch, Tenn.; and Texas City, Texas. Five new Macy’s stores will open in 2012 and 2013.

CHICAGO — Investment research firm Morningstar has named the outgoing CEO of Costco Wholesale as its 2011 CEO of the Year, the company said Wednesday.

Costco CEO Jim Sinegal, who retired on New Year's Day, received the recognition for what Morningstar called his "exemplary corporate stewardship, independent thinking" and creating "lasting value for shareholders."

PLEASANTON, Calif. — Safeway on Thursday announced the sale of 16 of its Genuardi's stores in the greater Philadelphia area to Giant Food Stores, a division of Ahold USA. Safeway will continue to operate these stores until the transaction closes, and the company is working through an orderly transition for all of these stores.

In addition, Safeway plans to close three Genuardi's stores and sell the remaining eight Genuardi's stores, which it will continue to operate while it is working with potential buyers.

NEW YORK — Many retailers reported solid sales gains for December, but the deep discounts and promotions that shoppers have come to expect cut into profits. A range of retailers, including Target and The Children’s Place, reduced their earnings outlooks. Overall, retail sales rose 3.4% at the 22 retailers tracked by the Thomson Reuters same-store sales index, compared with the 3.3% analyst forecast.

DEERFIELD, Ill. — Walgreens on Thursday reported an approximate 150 basis-point negative impact on prescriptions filled based on prescription transfers, and other trend analysis of prescriptions managed by Express Scripts, as the chain posted its first monthly earning statement following the discontinuation of Walgreens relationship with Express Scripts. That represents an increase from a 110 basis-point impact in November, but falls short of the 200 basis-point impact projected by Credit Suisse research analyst Ed Kelly earlier this week.