Finance & Capital Management

MINNEAPOLIS — Target has announced the names of the 50 recipients that were selected to receive a $100,000 grant to purchase much-needed resources and improve their learning environments. The $5 million donation from Target to K-through-12 schools in 31 states across the country is part of the company’s commitment to education, which includes plans to give $1 billion for education by the end of 2015.

Dallas -- Loyalty and marketing solution-provider Alliance Data Systems Corp. said Thursday that it has signed a multi-year renewal agreement to continue providing private label credit card services to Reeds Jewelers.

Austin, Texas -- Golfsmith announced Thursday plans to open 10 stores and relocate four existing locations in fiscal 2012, increasing its sq. ft. by 17.5% and adding a more experiential presence.

The new 2012 stores include locations in Cleveland, Washington, D.C., Chattanooga, Tenn., Nashville and Atlanta. The relocations will move stores into spaces that provide an updated and expanded golf retail experience that mirrors the company's new stores.

All scheduled store openings and relocations are slated for completion by year’s end

Arlington, Va. -- The Retail Industry Leaders Association on Thursday released a first-of-its-kind retail sustainability report discussing retail's environmental, social, and community impacts.

"As one of the leading industries to embrace sustainability, it is becoming a core consideration for the retail industry," said Adam Siegel, RILA VP of sustainability and retail operations. "Retailers are working to incorporate sustainability into their strategy, operations, workforce engagement, and connection to consumers and communities.”

Asda, Walmart’s U.K. subsidiary, has big plans for 2012 that include investing more than £500m ($784 million) in its stores in 2012.

The company said it will invest the money in opening 25 new stores and three depots, as well as expanding and remodeling 43 of its existing stores. According to the company, this investment will create up to 5,000 new jobs in the United Kingdom. The company noted that current Asda associates would have the opportunity to enhance their careers through the company’s apprenticeship program.

Stockholm, Sweden -- Swedish fast-fashion retailer Hennes & Mauritz reported Thursday that net profit for the fourth quarter dipped to $997.2 million from $1.1 billion in the year earlier period. Sales in December, the first month of H&M's fiscal first quarter, were up 13% year-on-year in local currencies, against a forecast 12%. Same-store sales were up 4%.

"Most indicators suggest that the macro-economic climate in many of our markets will continue to be tough during 2012," said CEO Karl-Johan Persson.

Savannah, Ga. -- Citi Trends said Thursday that its president and CEO David Alexander has resigned the company, effective immediately, and will be replaced by prior CEO Ed Anderson, who led the retailer from 2001 to 2009.

Anderson is currently the chairman of the board and will continue to serve in that capacity.

The company also announced that it has hired Jason Mazzola as executive VP and chief merchandising officer. He was previously chief merchandising officer for an internet flash sales company.
 

New York City -- The Deloitte Consumer Spending Index slightly dropped in December despite small improvements in three-out-of-four components.

The index — which is comprised of tax burden, initial unemployment claims, real wages and real home prices — fell to 1.86 from a reading of 1.93 the previous month. Because of this drop, the ability for consumers to continue to spend at the rates seen in 2011 may be in question, Deloitte said.