Finance & Capital Management

MEMPHIS, Tenn. — Fred's net income increased 16% to $9.5 million, or 24 cents per diluted share, compared with net income of $8.2 million, or 21 cents per diluted share in the year-earlier period.

The retailer said that total sales rose 3% to $484.4 million from $471.6 million for the same period last year. For comps, Fred's reported a 1% rise on top of a 2.2% increase for the first quarter last year.

Fred's gross profit for first quarter 2011 increased 1% to $137.9 million from $136.9 million in the prior-year period.

Secaucus, N.J. — Syms Corp. said Thursday it is mulling selling itself and other strategic alternatives as the company continues to struggle after acquiring Filene’s Basement in 2009.

The off-price retailer, which bought Filene’s out of bankruptcy for $62.4 million in 2Q 2009, said its board is currently evaluating its options. It reported a loss at the end of its fiscal year in February, and losses had widened as of earlier this month.

Indianapolis — Electronics and appliances retailer hhgregg Inc. said Thursday that its profit leaped 46% in its fiscal 4Q, to $14.6 million from $10 million in the year-ago period. However, same-store sales tumbled nearly 11% in the company, and the company said it will slow the pace at which it opens new stores in the next fiscal year. Previously, it expected to open 35 to 45 stores in the next year, but now cut the upper range to 40 stores.

New Delhi, India  — A Thursday report by Bloomberg said that India will announce new rules for foreign investment in retail by April 2012, which will pave the way for Wal-Mart Stores and Carrefour SA to open stores in the country.

 “We are much further down the process than people think,” said Junior Trade Minister Jyotiraditya Scindia in an interview with Bloomberg. “I think it is a huge opportunity” for India. 

Minneapolis  — Target Corp. on Thursday unveiled the first wave of the Zellers sites it will be taking over in Canada, representing 105 locations in all 10 Canadian provinces.  The vast majority of the sites will become Target stores after securing the necessary construction approval for extensive renovation. The stores will open beginning in 2013.

New York — Backed by an improving economy, a recent surge in jobs and ten consecutive months of rising retail sales, a broad range of retailers are poised to fill up empty retail spaces over the next 12 to 18 months, according to Colliers International,  the third-largest commercial real estate services company in the world.

New York — Bill Ackman, the founder of Pershing Square Capital Management, has taken a “passive” stake in Family Dollar Stores, Bloomberg reported.  Ackman, speaking at the Ira Sohn Conference in New York, said he invested in Family Dollar Stores  because it’s “very reasonably priced” and may be acquired.

“It’s a good business, it’s done very well for a long time,” he said, according to the report. “It’s an attractive LBO transaction.” 

New York —The Great Atlantic & Pacific Tea Company (A&P), which is working its way through Chapter 11, will close 13 Suprefresh stores in the Baltimore area in  July because it can't find anyone to buy the properties, The Baltimore Sun reported.

Seattle — Nordstrom announced plans to close its Circle Centre store in downtown Indianapolis, Ind.   Opened September 8, 1995, the 216,000-sq.-ft.  location will close to the public at the end of business on July 31, 2011. 

The retailer will continue to operate a nearby location at The Fashion Mall at Keystone, Ind..  It will open  a Nordstrom Rack store at the Shops at Rivers Edge in September.

Philadelphia — Philadelphia-based Pennsylvania Real Estate Investment Trust (PREIT) announced that it has hired two new directors of retail leasing— Peter Elliott and Amy MacLaren.

Both will be responsible for the leasing of regional malls and retail relationships with key national tenants.