Finance & Capital Management

Washington, D.C. -- A report released Thursday by the Labor Department said that U.S. claims for initial jobless benefits last week posted their biggest decline in nearly a year.

The drop erased the holiday-related spike, and illustrated that a healthier labor market remains intact.

ATLANTA -- First Data Corp. announced that it has entered into an agreement with Kohl’s Department Stores to provide payment processing services for the company’s private brand credit card accounts.

Lexington, N.C. -- Grocery retailer Save-A-Lot announced Thursday it will break ground on a new 325,000-sq.-ft. food distribution center in Lexington, N.C.

The center is expected to open by December 2011. It is the result of collaboration with the state of North Carolina and its One North Carolina Fund, the North Carolina Department of Commerce, Davidson County and the City of Lexington.

Wal-Mart Stores earlier this week denied rumors that it would consider opening banks in Chile and Argentina.

The reports are “completely untrue,” Wal-Mart spokesman Kevin Gardner told Bloomberg in an e-mailed response to questions.

Atlanta -- First Data Corp. said Thursday that it has entered into an agreement with Kohl’s Department Stores to provide payment processing services for the company’s private brand credit-card accounts.

The multi-year agreement calls for First Data to provide Kohl’s with credit-card processing, customer analytics, risk-management services and automated customer service workflow tools.

Financial terms of the agreement were not disclosed.

AMSTERDAM, The Netherlands -- Ahold reported that net sales for its U.S. division increased 6% to $5.6 billion for the fourth quarter. Identical-store sales for the quarter increased 1.9%(0.9% excluding gasoline), and comparable sales were up 2.1%.

For the full year the company reported net sales of $23.5 billion increased b y  5.1% when compared to the adjusted full year 2009 sales. Identical sales were up 1.5% (0.4% excluding gasoline).

Oak Brook, Ill. -- Inland Real Estate Acquisitions said Thursday it has purchased nine Dollar General stores in Alabama and Georgia for $8.5 million.

According to a report by the Atlanta Business Chronicle, the stores were built in 2010 and all leased to Dollar General Corp. through 2025 with multiple renewal options.

The stores range in size from approximately 9,000 sq. ft. to 10,600 sq. ft.

Mooresville, N.C. -- Lowe's Cos. said Thursday that executive VP and chief information officer Steven Stone is leaving the company in order to pursue other interests.

Lowe’s said it has named current executive VP store operations and Lowes.com Michael Brown as Stone’s successor.

Brown will report to chairman and CEO Robert Niblock.