Finance & Capital Management

FRAMINGHAM, Mass. — When people are working -- whether at a small business or large corporation -- they need office supplies, so when a company such as Staples delivers a retail sales increase for the fourth quarter, it is good sign that the economy is improving.

New York City -- Costco Wholesale Corp. posted a bigger-than-expected rise in quarterly profit on Wednesday. Rising gasoline prices had a positive impact on sales at Costco, which prices its fuel below nearby stations.

Net income in the quarter ended Feb. 12 rose 13% to $394 million, from $348 million a year earlier.

Sales rose 10% to $22.51 billion. Same-store sales rose 8%, better than analysts had expected. 

Philadelphia -- Marcus & Millichap Real Estate Investment Services said that it has promoted Mark E. Taylor to first VP investments.

Most recently, Taylor held the title of VP investments. He specializes in the sale of retail shopping centers and net-leased property investment real estate.

Canton, Mass. -- Casual Male Retail Group announced that its first DestinationXL store in the Middle East will open this spring in Symphony Mall, Kuwait City, Kuwait, under a franchise agreement between one of its subsidiaries and The Standard Arabian Business & Enterprises Company (SABECO).

EL SEGUNDO, Calif.  — Lack of snowfall throughout most of the major winter sports regions negatively impacted Big 5 Sporting Goods' results in the fourth quarter. 

The company reported a net loss for the fourth quarter of fiscal 2011 of $9,000, or 0 cents per diluted share, including the non-cash impairment charge of 5 cents per diluted share. For the fourth quarter of fiscal 2010, net income was $4 million, or 18 cents per diluted share, including a net charge of 7 cents per diluted share related to legal matters.

Framingham, Mass. -- Staples Inc. beat Wall Street estimates as its fiscal fourth-quarter net income rose 3.2% to $283.6 million. Weakness in Europe and Australia was offset by the company’s strongest North American retail sales growth in more than a year.

Total company sales rose 0.7% to $6.46 billion, while analysts expected about $6.45 billion. Sales at Staples’ North American delivery segment and domestic retail segment, which together account for about 80% of the company's revenue, rose 2% to $5.16 billion.

San Francisco -- Gap Inc. is expanding its footprint in Latin America. Leveraging its franchise model, the company has opened its first stores in Panamá and plans to introduce its brands to three additional Latin American countries: Colombia, Uruguay, and Peru.

Petaluma, Calif. -- Jacksonville, Fla.-based Regency Centers said it will begin construction of East Washington Place, a 378,000-sq.-ft. community center anchored by Target.

Located in Petaluma, Calif., the new development is strategically located at the intersection of two main arterial roads, East Washington Street and Highway 101, with daily traffic counts in excess of 92,000. Regency Centers will invest approximately $61 million into the project, which will create approximately 380 construction jobs and 720 permanent jobs.