Finance & Capital Management

PLANO, Texas -- JCPenney has completed a new five-year $1.25 billion bank credit facility.

The new facility replaces a $750 million credit facility that was scheduled to mature in April 2012 and provides further strength to the company's liquidity position. The facility may be used for general corporate purposes and will mature in April 2016.

LAKELAND, Fla. -- Strong earnings and sales growth in the first quarter helped drive up Publix's stock price.

Publix’s sales for the first quarter of 2011 were $6.8 billion, a 4.4% increase from last year’s $6.5 billion. Comparable-store sales for the first quarter of 2011 increased 2.8%.

Net earnings for the first quarter of 2011 were $398.2 million, compared with $364.4 million in 2010, an increase of 9.3%. Earnings per share for the first quarter increased to 51 cents for 2011, up from 47 cents per share in 2010.

Target was among the major U.S. companies who were quick to step up after the wave of tornadoes brought unprecedented death and destruction to communities throughout the Southeast. Target donated $200,000 in cash to the American Red Cross to support tornado relief efforts and made an additional donation valued at more than $75,000 that included product and relief kits, which contained hygiene and food items for distribution in the hardest-hit areas.

The most recent pricing survey from the equity research team at Credit Suisse shows that Target is either 3.1% more expensive or 1.9% less expensive than Walmart. The firm compared prices at stores in the Dallas and Chicago markets, as it does every month, and during March discovered the gap between the two competitors narrowed considerably.

“Target’s price gap with Walmart tightened from 4.2% in February to 3.1%,” according to the firm. “Target’s basket price decreased sequentially by 0.8% compared with Walmart’s 0.3% increase.”

Customers paying with their Lowe’s Consumer Credit Card receive an immediate discount of 5% on in-stock and special order purchases bought in stores or online at lowes.com, Lowe's said.

Customers with single-receipt purchases of $299 or more can choose between the 5% discount or special financing currently advertised.

Lakeland, Fla. -- Publix Supermarkets said Monday that sales and earnings rose in the first quarter. Net earnings rose 9.3% to $398.2 million, compared with $364.4 million in 2010.

Sales for the first quarter totaled $6.8 billion, and same-store sales rose 2.8%.

“Although the economy continues to be weak, I’m pleased our strong operating performance resulted in another increase in our stock price,” said Ed Crenshaw, Publix’s CEO, said in a statement.

North Plainfield, N.J. -- Levin Management Corp. announced it has promoted Harold Harris from VP to senior VP, effective immediately.

Harris joined Levin as controller in 1985 and was named CFO in 1990. Responsible for all aspects of finance and lease administration for the company’s management portfolio, Harris also oversees real estate tax and financing reviews, human resources, and risk management.
 

Vienna, Va. -- Golfsmith announced it will open its first metro Washington, D.C., location in Tysons Corner, Va., this June. The new location is part of an aggressive growth strategy for the company.

Golfsmith’s stores offer an interactive experience, and customers are encouraged to test out clubs and gear inside the store before purchasing. They can also use one of the four custom-fitting studios to test drive new clubs. The company also offers free custom club fitting services.

Plano, Texas -- J. C. Penney Corp. has completed a new five-year $1.25 billion bank credit facility.

The new facility replaces a $750 million credit facility that was scheduled to mature in April 2012 and provides further strength to the company's liquidity position. The facility may be used for general corporate purposes and will mature in April 2016.
 

New York City -- Borders on Friday reported a loss of $24.3 million for the month ended March 26, according to court papers, Bloomberg said.

The company’s most recent financial report filed before Friday showed a loss of $479.9 million for the year ended Jan. 29, on revenue of $1.67 billion.

The current report shows revenue of $165.2 million for the month ended March 26 and total assets of $942.2 million. Cash and equivalents are $80.9 million.