Finance & Capital Management

Plano, Texas -- J.C. Penney Co. reported Monday that its first-quarter net income rose 6.7% amid cost-cutting and improved sales. The department store chain also raised its full-year earnings profit guidance.

The company on Monday reported net income of $64 million for the three months ended April 30, up from $60 million in the same period last year.

Turns out Shakespeare’s famous line, “A rose by any other name would smell as sweet,” doesn’t quite fit with every scenario. Case in point, Wal-Mart Stores, which, according to Millward Brown Optimor’s BrandZ ranking of the top 20 global retail brands, saw its brand value diminish when it decided to rename its Wal-Mart stores, Walmart. 

Walmart acquired a minority interest in Chinese e-commerce company Yihaodian, the company announced Friday morning. Yihaodian was launched in July 2008 and currently offers 75,000 products and next-day delivery on essential items from an existing logistics network in Shanghai, Beijing and Guangzhou.

One of the more interesting developments in the retail industry is set to unfold in a series of small towns along the Western edge of Arkansas where Walmart is set open the first of its experimental small formats.

SAN FRANCISCO — Gap Inc. has announced plans to bring the Gap brand to Serbia and Ukraine through new agreements with existing franchise partners. The stores are scheduled to open in 2011 in the cities of Belgrade and Kiev where customers will be able to shop products from Gap, GapKids and babyGap.

ELMWOOD PARK, N.J. — The Craft & Hobby Association (CHA) board of directors has announced the departure of Steve Berger as president and CEO of CHA. The board of directors will immediately begin a search for a new chief executive. No timetable has been set for securing a replacement. In the interim, Tony Lee, VP meetings and expositions, will serve as acting president and CEO.

Bryn Mawr, Pa. -- WP Realty and Angelo, Gordon & Co. announced the acquisition of the Shaw’s portfolio, consisting of seven Shaw’s-anchored shopping centers and one free-standing Hannaford Bros. located throughout Massachusetts, Maine and Rhode Island.

The portfolio totals 659,143 sq. ft, is 97% leased and contains a mix of national, regional and local tenants. Shaw’s occupies 419,098 sq. ft. across the portfolio, Hannaford Bros. occupies 45,882 sq. ft., Staples 23,942 sq. ft., among others.
 

Jacksonville, Fla. -- Shopping center owner and developer Regency Centers said it has implemented Textura Corp.’s Pre-Qualification Management in the company’s East Region. 

Regency was already using the Construction Payment Management (CPM) system, then engaged Textura to deploy its Pre-Qualification Management (PQM) system.

San Francisco -- Gap plans to open stores in Serbia and Ukraine later this year as its continues to expand its international operations.

The chain said Friday that it signed new deals with existing franchise partners that will put Gap stores in Belgrade and Kiev.

According to Stephen Sunnucks, the company's international president, the Ukraine is the fastest-growing retail market in Eastern Europe, while Serbia has many young customers who enjoy shopping.

Irving, Texas -- Michaels said on Friday it has removed the PIN pad tampering threat from its U.S. stores and believes it has identified the time frame that customer information was exposed. Based on the latest information available, exposed PIN pad transactions occurred from Feb. 8 through May 6, the date Michaels disabled the tampered devices.