Finance & Capital Management

High on the list of things that can go wrong with Target’s entry into Canada is Quebec. The large province accounts for about 23% of the nation’s nearly 35 million residents, and because French is the official language, it means Target decision to acquire Zeller’s leases means it is essentially entering two international markets simultaneously.

Between now and March 2013, when the first Target stores open in Canada, there is a whole lot of heavy lifting to be done at the retailer’s new headquarters in Mississauga, Ontario.

Philadelphia -- Urban Outfitters Inc.’s third-quarter profit fell 31% amid a decline in same-store sales and as merchandise markdowns continued to weigh on margins.

For the quarter ended Oct. 31, Urban Outfitters posted earnings of $50.7 million, down from $73.1 million in the year-ago period.

Gross margin narrowed to 35.4% from 41.1%, partly due to increased merchandise markdowns at Anthropologie and Urban Outfitters. Total inventories grew by $78 million.

Matthews, N.C. -- Family Dollar has entered the state of California, opening four stores, in Ontario, Rialto, Riverside and Fontana.

The discounter plans to open 450-500 new stores in fiscal 2012.

Mooresville, N.C. -- Lowe's Cos. reported Monday that net income for the quarter ended Oct. 28 dropped 44% as store-closing charges undercut a slight uptick in quarterly sales.

The home-improvement retailer reported net earnings of $225 million, compared with $404 million in the year-ago period. Charges related to store closures amounted to a pre-tax earnings reduction of $336 million.

Sales increased 2.3% to $11.9 billion, up from $11.6 billion a year earlier. Same-store sales edged up 0.7%, reversing declines in two prior quarters.

Plano, Texas -- J.C. Penney Co. reported Monday a loss of $143 million for the quarter ended Oct. 29, compared with a profit of $44 million in the year-ago period. Sagging comps and shrinking margins led to the performance decline.

For the quarter, sales dropped 4.8% to $3.99 billion, reflecting the company’s exit from its catalog and catalog outlet businesses, which it sold off during the quarter. 

As previously reported, same-store sales dipped 1.6%.

WASHINGTON — The National Retail Federation announced that it has urged the Senate to approve legislation that would help create jobs by making it quicker for citizens of Brazil, China and India to obtain visas needed to travel to the United States on business or to shop in U.S. stores.

HOFFMAN ESTATES, Ill. — Sears Holdings Thursday expressed support for S. 1832, the Marketplace Equity Act, introduced by U.S. Sens. Enzi, Alexander and Durbin. The legislation will level the sales tax collection playing field for local businesses by granting the states authority to enforce existing laws and require out-of-state, online-only retailers to collect and remit sales taxes on sales made to state residents.

MOORESVILLE, N.C. — Lowe’s announced that it has named Eric Wiseman, president and CEO of apparel manufacturer VF Corp., to its board of directors. Wiseman will serve on the board’s compensation and governance committees. 

Wiseman has been CEO of VF Corp., whose brands include The North Face, Timberland, Vans and Wrangler, since January 2008. Before being named CEO, Wiseman served as president and chief operating officer from 2006 to 2007, responsible for VF’s global business and day-to-day operations.

BENTON HARBOR — Whirlpool Corp. is celebrating its 100th anniversary with a number of local events and recognition of employees throughout the world.