Finance & Capital Management

If Black Friday and Cyber Monday 2010 numbers were any indication, retail may well be prepping for some measurable bounce in 2011.

But the road to recovery isn’t going to be without frustrations, according to Chicago-based Jones Lang LaSalle’s North America Retail Outlook report, released in November.

The inaugural report examined retail real estate fundamentals such as vacancy levels, rental rates and investment sales volumes -- and drew the conclusion that 2011 would see a “slow and arduous retail sector recovery.”

By Jason S. Baker

BEAUMONT, Texas -- Conn’s announced that it has appointed Theodore Wright to the position of interim CEO and president, following the news that Timothy Frank will step down as president and CEO of the company and resign as a director to pursue other opportunities.Conn’s said it will immediately commence a formal search to identify a permanent CEO.

MIDDLEBURY, Conn. -- Timex Group announced that it has named Gary Cohen president and CEO of the company. Cohen will also join the company’s board of directors.

“I feel honored to lead one of the world’s largest and most iconic watch companies,” Cohen said. “I look forward to developing new business opportunities across our extensive portfolio of brands in both developed and emerging markets worldwide.”

WASHINGTON — The National Retail Federation last week responded to the Federal Reserve's proposal to cap debit card swipe fees at 12 cents per transaction.

NEW YORK -- Jill Granoff is stepping down as CEO of Kenneth Cole Productions. According to a company press release the decision was a mutual agreement between Granoff and the board of directors. Kenneth Cole, chairman and chief creative officer, will act as interim CEO. Paul Blum, who was with the company for 15 years and served as president from 2002 to 2006, has agreed to return to the company and assume the role of vice chairman.

NEW YORK -- The Knot,  a media company devoted to weddings, nesting and babies, announced that it had repurchased all shares in the company owned by Macy’s Inc.

Target’s credit card portfolio is looking a whole lot more attractive to potential acquirers following improvements in the delinquency rates, risk profile and strong profit growth.

Fourth-quarter operating profit in the credit card segment increased 287% to $151 million compared with $39 million in the fourth quarter the prior year. For the full year, credit card segment profits advanced 169% to $541 million compared with $201 million the prior year.

Target is set to report February same-store sales this Thursday and offer the first data point of the new fiscal year in which same-store sales are forecast to increase in the range of 4% to 5%. For February, the company has forecast a low single-digit increase and last week in conjunction with the release of fourth-quarter results confirmed it was on track to meet the low single-digit number.

The solid fourth-quarter financial results Target reported last week were quickly overshadowed by long-term growth objectives that gave stakeholders a clear idea of where the company is headed in terms of sales and profits. Target expects its annual sales, currently about $66 billion, to reach the $100 billion mark within six to seven years, and current earnings per share of $4 will at least double over that same time frame.